They've created runway shows based on everything from atomic bombs to bedspreads, opened an upside-down store in Milan, dressed model Maggie Rizer in a series of garments that left her 154 pounds heavier, and even befuddled Andy Rooney with the name of their fragrance, Flowerbomb. Now avant-garde Dutch fashion duo Viktor & Rolf are enjoying some much deserved attention with a no-flourishes-spared retrospective on view through September 21 at London's Barbican Art Gallery and cold hard cash. Renzo Rosso, owner of Diesel jeans, has acquired a majority stake in Viktor & Rolf's design firm.

According to a report in today's WWD, Rosso "plans to make major investments to bolster the duo's ready-to-wear business, add licensed products such as eyewear and jewelry and open freestanding stores in high-visibility locations." While Rosso is best known for jeans, he is no stranger to avant-garde fashion designers, having acquired the company of designer Martin Margiela in 2002. "He has shown with Margiela what he can do. The business has grown substantially and he kept the DNA of the brand. It's a win-win situation," Rolf (Snoeren) told WWD. "But of course we are completely different from Margiela, and this is what he understands."

While we patiently await publication of The World According to Santino Rice, Project Runway finalist Daniel Vosovic is joining Tim Gunn and Nina Garcia in parlaying his appearance on the Bravo reality show into a book. Between honing his skills working for established designers and creating uniforms for staffers at a new line of chain hotels, Vosovic found time to write Fashion Inside Out (pictured at left), which is set to be released in late October. It includes a forward by Gunn and is chock full of photos by Michael Turek. Publisher Watson-Guptill describes the book as "combin[ing] practical information on fashion design with an intimate look at the fashion scene today," including "a detailed overview of the design process, plus insightful advice on connecting with the right people, promoting and selling, and much, much more." As for the cover, we get the Chanel-esque treatment of "Daniel," but we're getting a strange vodka branding vibe from the rest of it. Meanwhile, we hear that last year's Project Runway winner, Christian Siriano, has also got a book in the works. The topic? How to be fierce, of course.

The Council of Fashion Designers of America (CFDA) and Vogue today announced the ten finalists for the fifth annual CFDA/Vogue Fashion Fund initiative, which provides financial support and business mentorship for emerging American designers. Past winners include Doo.Ri, Proenza Schouler, Thom Browne, and longtime UnBeige favorite Rodarte. This year's finalists are:

• Albertus Quartus (Albertus Q. Swanepoel)
  
• Alejandro Ingelmo
  
• Alexander Wang
  
• Irene Neuwirth
  
• Jason Wu
  
• Juan Carlos Obando
  
• Obedient Sons & Daugheters (Swaim and Christina Hutson)
  
• Organic (John Patrick)
  
• Richard Chai
  
• Vena Cava (Lisa Mayock and Sophie Buhai)

Later this month, each of the nominated designers will be visited by the CFDA/Vogue fashion fund selection committee (which includes Vogue editor-in-chief Anna Wintour and CFDA president Diane von Furstenberg) who will review their current collections and conduct "in-depth interviews." The winner, to be announced at a November 17 dinner in New York City, will receive up to $200,000, and two runners-up will receive up to $50,000 each. The award also includes mentorship from corporate sponsors and industry professionals.

In a move that has us wondering who will be lucky number 13, bullseye-lovin' retail giant Target has officially announced that Richard Chai (at right) is the twelfth guest designer for its GO International line of limited edition collections that aim to bring high fashion to the masses. A veteran of Marc Jacobs and TSE, Chai launched his own collection in 2004 and recently tweaked his label's branding with the help of Fabien Baron.

Available in most Target stores July 20, the Richard Chai for Target collection (NYLON has a sneak peak here) is an assortment of dresses and separates that somehow manage to feature "Chai's signature craftsmanship" yet sell for between $12.99 to $79.99. According to a press release issued by Target today, "Key pieces include a leather vest, colorblock front-tie dresses, graffiti rose printed cotton sundress, plaid trench coat, and satin tuxedo racerback dresses." Just remember not to wear them all at once! Also coming soon to Target stores are limited-edition accessories lines designed by Monica Botkier (handbags) and Dean Harris (jewelry). And we hear the retailer's 'Design for All' ethos extends to cosmetics, with makeup mavens such as Jemma Kidd and Napoleon Perdis creating lines for Target slated to launch next month.

What strange times are these when fashion design happens in a video game and gets transformed into real life materials, to be sold in brick and mortar shops. Such is part of the subject matter in the LA Times' story "Fashion Hits the Virtual World of Video Games," which talks about H&M hunting around in "The Sims 2" for a new dress it's now selling in its stores. The second half is about the growing industry of fashion design video games, titles like "My Fashion Studio" and the aptly named "Fashion Designer," all of which no doubt cashing in on the popularity of reality TV design shows. It's an interesting piece and watching two seemingly very different industries intermingling is always a weird little thing to behold.

There's a new bright spot in the typically dark, gothic-tinged world of fashion designer Gareth Pugh (pictured above, at far right). The 26-year-old Londoner and Central Saint Martins graduate, who last year said that he had yet to sell a dress, has been awarded the ANDAM (Association Nationale pour le Developpement des Arts de la Mode) Paris International Fashion Award. Founded in 1989 and supported by such corporate sponsors as Galeries Lafayette, Longchamp, and LVMH, the ANDAM award is now the largest international fashion award, with a prize of 150,000 euros (that's $236,312, at current exchange rates). Past winners include Martin Margiela (1989) and Viktor & Rolf (1994). According to WWD, Pugh will use the funds to help finance his first Paris runway show this fall. Pugh has previously shown his collections, in which we've detected an enduring Wizard of Oz flying monkey flair, at London Fashion Week. ANDAM will officially bestow the prize upon Pugh at a ceremony during Paris Fashion Week in October.

As a Catholic, it is this writer's duty to always be on the lookout for ways to work in references to the Pope in everyday conversation. It's just what we Catholics do. So, understandably, we were excited to retire the old standard when asked an obvious question: "Do I want to go to the carnival?! Is the Pope Catholic?! Of course I want to go!" with a newer, hipper version that the kids would respond to: "Does the Pope wear Prada?!" That would work, of course, had the speculations that the Pope's bright red shoes were, in fact, specially designed by the Italian fashion house. Sadly, the rumors that we were in the midst of a "Fashion Pope" came to an end this weekend, as it was confirmed that he isn't wearing Prada after all, but shoes made by a simple cobbler in Novara, Italy. But while that news is sad, we're hopeful for something else to come around one day soon. Until then, we'll just suffer through some good ol' Irish Catholic guilt for wanting it so badly to be true.

As for the relevant winners of last night's cringe-inducing Bravo A-List Awards, the always gracious Anna Sui was named A-List fashion designer, while Nintendo's Wii Fit earned some sort of design innovation award sponsored by Chrysler.

Presenting the fashion design award was model Jessica Stam, who described the four nominees in a drowsy, Olsen twin-like cadence. Zac Posen was lauded for his "aggressive boldness" and the Proenza Schouler boys were noted for their "calculated bravado." OK, but how to explain the descriptions penned for the female nominees, Tory Burch and Sui? "Subtle timelessness" was a poor fit for characterizing Burch's bold, David Hicks-influenced designs, while Stam was teleprompted to say that Sui's signature is her "unwavering austerity." Rock n' roll-inspired, bohemian, and folkloric, Sui's designs are the opposite of austere. Someone should have recruited Project Runway's Tim Gunn or presenter and writer Simon Doonan to proof the show's script.

Meanwhile, the Wii Fit's award was quickly dispatched with the help of the delightful Doonan, a taped segment featuring Top Design judge and Elle Decor editor Margaret Russell, and a guy with a skateboard. Doonan succeeding in summing up the entire evening when, after struggling with the apparently unadjustable microphone, he swiftly read his lines before giving the audience an exasperated glance and saying, "TAPE!" Cue the below video to see for yourself.

While Roberto Cavalli continues the struggle to find a private equity buyer with a predilection for animal prints and ormolu, fashion house Tuleh has sealed a deal with New York-based Trilea Partners. The two-year-old private equity firm announced yesterday that it has made a "significant investment" in Tuleh, founded in 1998 by designers Bryan Bradley (at right, after his fall 2008 show in Bryant Park) and Josh Patner. After Patner left Tuleh in 2002 for a career in fashion writing, Bradley blossomed, showing multifaceted collections known for their mix of uptown elegance, vibrant colors, and playful but luxurious details. The partnership with Trilea "will give Tuleh the ability to extend its brand into new segments," said Bradley in a press release, while Trilea managing partner Mark Friedman lauded the "romance and uniqueness" of Bradley's designs.

Last night, the Council of Fashion Designers of America (CFDA) held its annual awards gala at the New York Public Library. Calvin Klein Collection designer Francisco Costa added a second womenswear designer of the year award to his mantelpiece (he also won in 2006), Tom Ford gained a menswear designer of the year award to match his 2001 statuette for Gucci womenswear, and Tory Burch proved the power of the ballet flat (particularly one topped by chunky signature hardware and named for one's mother) by beating out Marc Jacobs and Michael Kors to take home the award for accessory design.

In addition to the hotly anticipated designer of the year awards, the CFDA honored Style.com executive fashion director Candy Pratts Price with its Eugenia Sheppard Award, while designers Dries van Noten and Carolina Herrera received the International Award and Geoffrey Beene Lifetime Achievement Award, respectively. Meanwhile, New York mayor Michael Bloomberg received a special tribute by the CFDA's board of directors. Below, we've listed the 2008 CFDA Award nominees and highlighted the winners in yellow (go, Rodarte, go!). Check out the lookbooks of all the nominees on the CFDA website.

Womenswear Designer of the Year
Francisco Costa for Calvin Klein | Lazaro Hernandez & Jack McCollough for Proenza Schouler | Marc Jacobs for Marc Jacobs

Menswear Designer of the Year
Michael Bastian | Thom Browne | Tom Ford

Accessory Designer of the Year
Tory Burch | Marc Jacobs for Marc Jacobs | Michael Kors

Swarovski Award for Womenswear
Kate and Laura Mulleavy for Rodarte | Thakoon Panichgul | Alexander Wang

Swarovski Award for Menswear
Patrik Ervell | Tim Hamilton | Scott Sternberg for Band of Outsiders

Swarovski Award for Accessory Design
Philip Crangi | Justin Giunta for Subversive | Joy Gryson