Fans of former Rochas and Nina Ricci designer Olivier Theyskens were caught by surprise when it was announced not long ago that he would be taking on a full-time gig with Theory. Although the minimalist luxury label isn't as acclaimed as the two fashion houses he previously worked for, there's no question that it's more accessible (even if the capsule collection—aptly-titled Theyskens Theory—still retails for over 20 percent more than Theory's main line), and boy, is it sharp.

Earlier this week news broke that Olivier Theyskens, the wunderkind designer who had been let go from both Rochas and Nina Ricci in the last five years, was finally embarking on a full-fledged return to fashion via the Japanese-owned Theory. Theyskens broke his design hiatus this past year when he designed a capsule collection for the minimalist label, which debuted at FW10 fashion week. He was subsequently hired on as the company's artistic director, overseeing Theory's entire women's ready-to-wear collection. Now, just a week after the news surfacing, so have images of Theyskens' entire line for Theory SS11. Behold bare midriffs aplenty, as well as the draped, dramatic, yet sleek silhouettes with which Theyskens has been synonymous for well over a decade.

After inciting biannual shopping riots with a whopping fourteen collections for Topshop over seven years, Kate Moss is debuting her final collection for the British retailer. Slated to hit racks November 2, the line is unsurprisingly chock-full of Moss staples like "lots of sequined dresses and hotpants... a tweed cape with a faux fur collar and boho vintage inspired floral day dresses," according to The Moment, which is currently screening a filmic preview of the collection. As for Moss' favorite item: “If I had to pick one I’d go for the pansy dress!" While the supermodel may be commanding more dough post cocaine scandal than ever before, according to the Telegraph, her line has been suffering from the opposite problem.

Devotees of Emanuel Ungaro and Alexander McQueen aren't the only ones who can heave a sigh of relief today. Designer Olivier Theyskens, formerly of Rochas and Nina Ricci, is back at work. Having recently released a book documenting his experiences behind the fashion world's famously opaque curtain, Theyskens is abandoning authorship and returning to design. And he's doing so with minimalist-friendly label Theory. "Theyskens will design a women's capsule collection for the contemporary brand, which will bow for the spring-summer 2011 season," says Women's Wear Daily.

Good news for Olivier Theyskens fans (Anna, are you listening?): the wunderkind is back... well, almost. Apparently the former head designer for Nina Ricci (and, before that, Rochas) is in talks to head up a brand new fashion venture. "Christopher Burch, who is developing his own lifestyle brand, and Caroline Brown, the president and chief executive officer of that venture, are said to be in talks with the Belgian designer to create another retail concept," says Women's Wear Daily. Unfortunately, that's about all of the information that has surfaced surrounding the potential partnership. In the meantime, Theyskens won't fully be retreating from the sartorial scene.

A juicy piece of gossip is floating around the fashion blogosphere regarding the one and only Karl Lagerfeld. According to Diane Pernet of A Shaded View on Fashion: "This is not a fact until you officially read it somewhere else but rumour has it that Karl Lagerfeld will not renew his contract at Chanel and that Albert Elbaz will take his place and Olivier Theyskens will take Albert's place at Lanvin. Both choices make perfect sense to me. Schaparelli has decided to change directions and do a not so expensive line. Nothing is engraved in cement, these are still just rumours you will have to wait and see." If true, the sartorial switch-up would be one for the fashion history books, as Lagerfeld is unlikely to take over at another fashion house post-exiting Chanel.

It seems Kira Plastinina -- the 16-year-old Russian heiress who closed her pink-heavy, pre-teen friendly US boutiques last December after declaring bankruptcy -- isn’t ready to quit the fashion game quite yet. “Plastinina is going back to basics by planning to attend fashion school,” says Fashion Week Daily. The designer, whose namesake stores in Eastern Europe are still faring just fine, says, "I really want to make my experience complete by getting a professional designer's education. I want to continue to grow and evolve and inspire the girls that go to my store with stronger and more mature collections." So, which schools in particular is she considering? Central Saint Martins in London, and Parsons in our very own New York.

All eyes were on designer Olivier Theyskens yesterday as he presented an unforgettable Fall 2009 collection for Nina Ricci in Paris. The sensational Belgian talent has been rumored to be on his way out the door at Nina Ricci for the last few months (where he assumed the post of artistic director in 2006 after being let go from Rochas), but as of yet no official confirmation of his leaving has been released. However, according to icon and fashion blogger Diane Pernet, the collection is question will in fact be Theyskens’ last for Nina Ricci. According to Pernet: “Last night at the Nina Ricci show, upon being told this would be Olivier Theyskens’ last show for the brand, Anna Wintour’s reaction was, ‘How could you do this to me?’”

● Is Olivier Theyskens leaving Nina Ricci? [FWD] ● Katy Perry has plans for a fashion line; the singer would love to do a "pin-up, Lolita" line inspired by her own style. [FabulousMag] ● Paris Hilton has set up a "club" in her own house to get away from the shutterbugs. Leo Dicaprio and Kevin Connolly were seen hanging out. [P6]