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THIS JUST IN
Valentino Launches Virtual Museum at MoMA

Last night, celebs, fashion elite, and select media guests attended the unveiling of the much anticipated Valentino virtual museum at MoMA. Joined by pals Anne Hathaway and Hugh Jackman, Valentino Garavani introduced eager attendees to his 10,000 square meter virtual display. The virtual library contains over 5,000 images of dresses, drawings and photos. There's also 180 runway show videos and seven different themed gallery rooms. Each room contains a different them from Valentino's work; such as animal prints, all white, all red, embroidery and 'Very Valentino' which contains a timeline of his work from the '60s through the '00s.

THIS JUST IN
A Dress For Michelle Obama, Designed by 12-Year-Old Grant Mower

Our First Lady of Fashion is about to get an offer that we think she can't (or rather, shouldn't) turn down. 12-year-old Grant Mower of Texas constructed a gown especially for Mrs. Obama, inspired by an orchid he saw during a trip to the Smithsonian. Mower will travel to Park City next week for a chance to schedule a fitting with the First Lady while she visits Utah for a fundraiser.

The boy has got some serious cred, too. Mower has beat out high school and college students alike in a fashion design contest, and is an apprentice of Michael Faircloth. He has also made an appearance on the Nate Berkus show and has been mentioned in the New York Times as an rising "kiddie couturier".

VALENTINO GARAVANI
Famed Italian Designer IN THE RED

Designer Valentino's signature color might be red, but now the famed Italian couturier is finding himself in the red. Italian authorities have fined Valentino Garavani, 76, and his business partners with $44 million in tax evasion.

It is alleged the designer duo failed to declare the money they earned in Italy by moving their business residence to London nearly a decade ago.

There is no clear number on what Valentino and his partner owe in back taxes and their office in London called the fine "unexpected and surprising," in a statement from managing director Ronald Feijen. According to Feijin past inquiries by authorities showed "their position had in the past already been verified and deemed entirely legitimate and regular," according to the Wall Street Journal. It was added the pair is subject to taxation in London.