BARNEYS NEW YORK TAKEN OVER BY PERRY CAPITAL. Barneys New York has been taken over by Perry Capital in a debt-for-equity swap that reduces the luxury retailer’s borrowings by $540 million, allowing the chain to invest more in its rebounding business.[BLOOMBERG]

KEY TREND OF THE SEASON: MEN’S SPORT. A slideshow look at the sporting life’s influence on Spring/Summer 2012. [GUARDIANUK]

‘INDIA’S GALLIANO’ SAYS IT’S ALL ABOUT THE PRODUCT. Indian designers are famous for their elaborate embroideries and rich textiles but have yet to come up with products to woo the world’s fashion hotspots in the West, says Manish Arora, the international face of India’s fashion industry. [REUTERS]

AT MET’S FASHION BENEFIT, STARS HONOR TWO DESIGNERS. Many guests wore elaborate or bizarre dresses in honor of Elsa Schiaparelli, who once made a hat from an upside-down shoe. One guest had a Coca-Cola bottle on her head; another, Linda Fargo, the fashion director of Bergdorf Goodman, wore a bejeweled cape that would have been the envy of Elvis. And the actress Emma Stone, a guest of the designer Alber Elbaz of Lanvin, wore a short pink dress made of rainproof plastic. [NYT]

MEN’S FASHION: IS THE GATBSY LOOK A COMING TREND? The forthcoming Great Gatsby remake has already inspired women’s fashion, so what does it mean for menswear? Is Gatsby about to ‘do a Mad Men’? [GUARDIANUK]

ESQUIVEL HANDCRAFTED LUXURY SHOES. George Esquivel has been designing high-end custom made shoes since 1994.  The Los Angeles native, who learned his craft the old-fashioned way (by apprenticing to a local cobbler), cites musicians and the music they create as his main inspiration for his namesake collection. [FORBES]

SONY DROPS TO LOWEST IN 25 YEARS. Sony led declines of Japanese electronics makers as the euro fell to a three-month low against the yen after French Socialist Francois Hollande was elected president. [BLOOMBERG]

THE FERRARI WITH THE DRAGON TATTOO. It was inevitable: Global car makers are rushing to cater to China’s new rich. But will Chinese tastes reach our own showrooms? [WSJ]

FACEBOOK TARGETS $96 BILLION VALUE. Facebook Inc. pulled back the curtain on how much it thinks it is worth, targeting a valuation as rich as $96 billion in what would be a record debut for an American company. [WSJ]

GQ WINS ASME AWARD FOR BEST DESIGN. Here’s the full list of winners, including magazine of the year. [ASME]

SAMSUNG’S NEW GALAXY S RAISES HEAT ON APPLE. Samsung Electronics Co., the world’s largest mobile-phone maker last quarter, unveiled a new handset in the Galaxy S series, intensifying a battle with Apple Inc. for leadership in the smartphone market. [BUSINESSWEEK]

MARC JACOBS: INTELLIGENT DESIGN. Marc Jacobs was not perhaps a natural choice to become Louis Vuitton’s artistic director when he took over responsibility for the French luxury brand’s small leather goods and its ready-to-wear line—the first in its then 143-year history—in 1997. [WSJ]

THE FASHION LINE UP: MEN’S PRINTS. Of all the summer catwalk trends for men, print is the most eye-catching – and used sparingly it can really lift your wardrobe. [GUARDIANUK]

LAND’S END SLIMS ITS MENSWEAR, BUT SHUNS THE WORD SLIM. Lands’ End calls the silhouette “tailored fit.” Why not “slim-fit?” It seems the word slim starts to set off alarm bells that something is going to be tight, and for some men tight is a slippery slope to un-manly. [WSJ]

HERMES FIRST-QUARTER SALES RISE ON STRONG ASIA. Hermes first-quarter sales grew strongly as Chinese buyers flocked to stores in both Europe and Asia, yet the French luxury goods firm warned that the weak European economy could drag down growth in 2012. [REUTERS]

FERRAGAMO’S SECOND COMING AS AN “IT” BRAND. After a string of Creative Directors that never quite caught on with customers, Massimiliano Giornetti, who had been heading menswear at the company, took the creative reigns in 2010, breathing fresh life into the storied Italian house. [FORBES]

A SEAMLESS TRANSITION FROM FASHION TO ART. In 2004 the fashion designer Helmut Lang, at the peak of his fame, sold the remaining shares of his label to Prada, which already owned the rest, and a few months later quit the fashion business altogether. He spent the following year at his house in the Hamptons, deliberately doing nothing. [NYT]

TWO DIVAS (ONE DEAD) TALK FASHION. A postmortem chat with a dead feminist: This is the peculiar concept behind the Met Museum Costume Institute’s retrospective, “Elsa Schiaparelli and Miuccia Prada: Impossible Conversations.” [WSJ]

CUCINELLI’S STELLAR DEBUT SEEN BOOSTING ITALY’S IPO APPEAL. Italian cashmere specialist Brunello Cucinelli made a sparkling market debut in Milan on Friday, buoyed by strong demand for European luxury goods stocks that have shrugged off double-dip recessions on the continent. [REUTERS]

NOMA KEEPS WORLD’S BEST RESTAURANT TITLE. Noma, a waterside establishment in Copenhagen where chef Rene Redzepi serves Nordic dishes such as poached sea urchin and powdered cucumber, was last night named the World’s Best Restaurant for the third straight year. [BLOOMBERG]