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Following investigations that began all the way back in 2008, Domenico Dolce and Stefano Gabbana have been found guilty of tax evasion. They were reportedly hiding a whopping 416 million euros (or approximately  $540 million) from tax authorities. The Italian design duo are sentenced to one year and eight months in prison. The intense ruling was appointed by Judge Antonella Brambilla in Milan after a three-hour jury room session. Although D&G were not present for the sentence, WWD reports that they're expected to appeal the decision. To illustrate the fact that $540 million is a pretty huge deal, read on for a list of pricey items that you can get for that amount instead. 

Unless you're Cam'ron, Paris Hilton or Angelyne, wearing pink hasn't been universally cool for quite some time. Well, shit's about to get flipped in a major way, thanks to a few key tastemakers that are wholeheartedly embracing the hue. Starting with Alexa Chung, the perpetual It girl recently revealed the cover of her highly-anticipated style tome, which is a frosty, pale pink and nothing like the navy-black-white color palette we're used to seeing from her. Notoriously anti-cutesy anything Alexander Wang also surprised us with his latest Resort 2014 collection, showcasing tons of pleats, pinks and even peplum. The one and only Tom Ford is also jumping on the flamingo bandwagon for his men's Spring 2013 range, and he's not afraid to get monochromatic with it. See for yourself after the jump.

Just when you thought Spring Breakers was this year's ridiculously entertaining yet horrifying portrayal of modern adolescent behavior, The Bling Ring has come along to completely change the game. Although the film, which was inspired by this Vanity Fair article about a real life crew of celebrity-obsessed teen thieves living in LA, was released in limited run this past weekend, it was director Sofia Coppola's  best opening since Lost in Translation. Besides featuring an impressive cast that included Emma Watson (as convicted felon/reality star Nicki/Alexis Neiers), Leslie Mann (as Nicki's space-y mom), Gavin Rossdale (as a shady party promoter/drug lord) and even real-life Bling Ring victim Paris Hilton (as Paris Hilton, duh), I believe it was the flick's various social media efforts that really sparked the buzz.

Wonderful news: following Michael Pitt's debut as Prada's spring/summer 2012 campaign babe, the Boardwalk Empire star has decided to grace the fashion world with his pouty presence once again. Rag & Bone landed the actor for their debut menswear campaign, shot by Glen Luchford with creative direction by Kate Moss' baby daddy's consulting firm, MAD London. 

This might be the best cartoon-fashion collab since Comme Des Garcons and Waldo. Today, Converse announced a new collection with The Simpsons, aka the longest-running scripted show in television history. This is the beloved series' first footwear collaboration, ever. 

Remember when I told you that Robert Pattinson signed a crazy, $12 million mega deal with Christian Dior to be the face of the iconic French fashion house's line of men's fragrances for three years? Well, the results are finally starting to turn up, thanks to some really blurry Instagram shots from a Dior event at West Hollywood Soho House last night.

OMFG: Isabel Marant is H&M's next collaborator. The news hit select inboxes late last night, causing editors across the globe to stop that silly thing called sleeping to share the news with anyone that would listen. The cult-cool Parisian designer's first-ever collab with the fast-fashion retailer is set to hit 250 stores worldwide on November 14 of this year and will include apparel and accessories for women, teenagers and, another first, men. In anticipation, here are five (wedge-sneaker-free) Marant designs that I really, really wouldn't mind seeing a variation of in this capsule. 

It's a sad day in the fashion world. Last night, celebrity stylist and all-around beloved New York fixture Annabel Tollman passed away at the age of 36. The Observer explains that she died in her sleep of natural causes. There appeared to be no signs of suspicious behavior.