Being able to rent a couture gown for a special event is nothing new but a new service, Rent the Runway, hopes to streamline the process and become, as the NY Times describes it, a Netflix for haute couture. The site was founded by two recent Harvard Business School graduates, Jennifer Hyman and Jennifer Carter Fleiss. A four-night dress rental can cost from $50 to $200 depending on the value of the gown. Pieces can be rented for either four or eight days.

The gowns bear some well-known labels: Diane Von Furstenberg, Hervé Léger and Proenza Schouler are among the offerings and Christian Siriano will be offering his new collection on the site. To begin the process you choose a gown and reserve your dates. A dress will arrive within a couple days of your event. Dresses come with a Fit Kit which includes double-sided tape,deodorant wipes, and a bra converter. The services also promises that stylists will be available by phone during normal business hours to offer advice and help. After wearing, you send it off in a pre-paid, pre-addressed return envelope. The service handles the dry cleaning.

The NY Times profile on the service says that more than more than 20,000 women have joined. The service has only been shipping dresses for only a week. Part of the risk of this business it requires a constant rotation of fashionable dresses which will only be in play for a season or two. Several services including Avelle (formerly Bag, Borrow or Steal) already offer accessories like handbags, sunglasses, jewelry for rent. Adorn Brides offers high-end jewelry featuring diamonds, pearls and colored gemstones for brides and bridesmaids.

Last month my colleague Deidre Woollard reported that French fashion house Christian Lacroix was looking for investors to shore up its business. Now the brand has filed for bankruptcy in the wake of an increasingly bleak financial picture. Lacroix, which is owned by duty free retailer the Falic Group and employs 125 people, has been hit hard by the faltering market for ultra-luxury goods like haute couture gowns. Lacroix chief executive Nicolas Topiol said the economic crisis had "considerably hurt our revenues," the London Times reports. Major retailers recently stopped buying new Lacroix merchandise and last month both Neiman Marcus and Saks reduced their orders for Lacroix apparel considerably. Sales of the Lacroix women's summer collection are down 35% this year; last year the company reported a $15 million loss.

At a time when the world is in financial turmoil, the neutral world of Armani has suddenly gone quite colorful. Giorgio Armani's Paris show for his haute couture label, Giorgio Armani Prive was a kaleidoscope of silks, tassels and sequins inspired by China. Armani's creations included lean suits with tassel details and tight gowns heavy with details like sequins and embroidery. The entire collection had a fantasy element to it with the models wearing either black bobbed wigs or tight towers of hair and heavy black eye makeup. Armani himself called it "a dream, a real spectacle, a film" when talking to The Associated Press. It made for quite a dramatic show but is any of it wearable even amid the haute couture set?

The remarkable 50-year career of Valentino, founder of the first couture house to be recognized by the French government outside of Paris, is given the coffee table treatment in a lavish new book, Valentino: Themes and Variations (Rizzoli, $75).

The tome on Rome-based Valentino Garavani is published in association with a prestigious exhibition at the Musée des Arts Décoratifs in Paris, curated by the author, Pamela Golbin. The book focuses on the designer's haute couture creations, culminating in his brilliant Paris presentation last January.

"I have always considered my work as the one of a writer," Valentino notes in the foreword. "Over the years I wrote only one story, the one of my style, where each collection represents a single chapter, with all its emotions, ideas and motifs. The looks may change with every chapter, but the main characters are the same, as are the people and things that inspire me."

Givenchy dresses have been worn by notably sophisticated ladies for decades, Jacqueline Kennedy Onassis, and the Duchess of Windsor are among the memorable women who've made Givenchy the fashion legend it is today. Recently joining the list is the always stunning and stylish Natalie Portman who had heads turning when she showed up at a Cannes soiree in this elegant and refreshing Givenchy gown. Easily the best dress seen all week, I think she blew it with the shoes but c'est la vie! If you have any high class events coming up, browse the Givenchy 2008 Collection, it features some fabulous designs that will have people dying to know who "dressed" you!

Balenciaga is well known for creating avant-garde bags, their designs are always on the cutting edge of fashion and as far as quality, their extraordinary craftsmanship is unsurpassed. This chic new Balenciaga shoulder bag is so refreshing and different. I love the interesting combination of both black and tan leather. The straps are comprised of buckles, a creative twist on the usual use of hardware. Available online exclusively from matchesfashion.com for $2,400.

Not even 30 years old and already making a huge name for himself in fashion, Australian designer Angelo Katsapis is one to start paying attention to if you haven't already. His much anticipated signature line (called Angelokatsapis) was in the works during the years he spent in Milan as a senior designer for Giorgio Armani, once launched it immediately became a favorite among fashions toughest critics. Sold at the finest boutiques including Harvey Nichols you can also purchase select pieces from the collection online. The quality and unsurpassed design is reflected in the prices, dresses range from $1300 up to $10,000.