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]