STORY TIME: Mary-Kate Olsen, Fiona Scarry, Astrid Muñoz, Camilla Al Fayed and Lapo Elkann were among the throng of guests who got in line to bear-hug Giambattista Valli after his show on Thursday. The ever-elusive Olsen, who is expected to attend the Chanel show today with her twin, Ashley, sported a pair of semi-opaque, Courrèges-style Chanel glasses. Chatting about the collection's "Little Red Riding Hood" theme, Elkann elected "The Little Prince" as his favorite fairy tale. "Because we would all, in one way or another, like to have his charisma and positive outlook," he mused. "Mine has to be 'Alice in Wonderland' as it's all trippy and weird," chipped in rebel "It" girl Alice Dellal, wearing a Tom Binns silver dog collar and denim HotPants. By chance, her sister Charlotte had dressed head-to-toe in red, from her scarlet Prada trench down to her Topshop tights. She'd designed her red platforms herself, and is currently in the midst of presenting the second collection of her shoe line, Charlotte Olympia, at the Hôtel de Crillon. "It has a Vaudeville theme," she said.

BLACK PARTY: Givenchy designer Ricardo Tisci celebrated his new-look boutique Wednesday evening with a very dim candle-lit dinner at orchid strewn tables to music by a string quartet. Editors rubbed shoulders with the likes of Seventies icon Amanda Lear and burlesque star Dita von Teese, who said she's "been laying low" for fear of fashion burnout. Not so for front-row fixture Kanye West, who also attended. Earlier, West said that he was thinking of approaching Raf Simons to design stage costumes for his "Glow in the Dark" tour in April. "I find what he does amazing," he said. Before the chocolate cake arrived, artists Paolo Canevari and Marina Abramovic presented video works inspired by Givenchy gowns. Canevari's featured a burning crucified Givenchy dress while Abramovic's had the artist thrashing about in Givenchy couture in front of a waterfall. Chloë Sevigny turned up way after dinner to dance into the wee hours of the night.

RING BOY: Martin Margiela, in talks to launch fragrance and eyewear lines, also seems ready to say "I do" to fine jewelry. "It's definitely a project coming up," a Margiela spokeswoman said. She cautioned, however, that Margiela has yet to identify a partner and a launch is not expected in 2008.