TRADING PLACES: Donatella Versace chose to show her spring collection at Milan's imposing stock exchange Thursday night. And although no IPOs are on the immediate horizon, plenty of glam was, courtesy of a gaggle of celebrities, including Lucy Liu, Heather Graham, Kelis and Michael Kors. 'I never get around to see any shows, but I always wanted to see Versace," said Kors, who is in Italy working on his pre-fall collection. 'Donatella loves beautiful, sexy girls and so do I. It's a great location with beautiful girls. What more do you want?" For Liu and Graham, the answer was another jaunt to Lake Como, although that seemed unlikely this trip. Graham, who recently wrapped up two films, was planning some shopping stops at Versace and Dolce & Gabbana, if not an overnight stay at Donatella's lakeside villa.

Kelis, cinched in a bustier printed Versace dress, is about to release her next album, which she said was 'about everyday life, moods, fashion and color."

CURVES AHEAD: Actress Eva Mendes might not immediately come to mind as Roberto Menichetti's muse. Known for his stark and minimalist designs, the Italian designer invited Mendes to his show and custom-made a blue silk outfit for her. 'He really knows how to gauge a woman's strengths and weaknesses," said Mendes, noting she doesn't regularly attend fashion shows.

'I enjoy them only if there is a personal relationship with the designer," said Mendes, who just wrapped up 'Ghost Rider," filmed in Australia with Nicolas Cage.

FLAG WAVER: Attention Wal-Mart shoppers: Karl Lagerfeld is not at all alarmed about the prospect of the retail giant possibly making a bid for Tommy Hilfiger Corp., which last year purchased Lagerfeld's signature brands. 'People are attempting to get their money; they should," Lagerfeld said, referring to J.P. Morgan Chase & Co.'s quiet shopping of Hilfiger to potential buyers. 'I don't have to make a drama about it. Don't forget, I have Chanel and Fendi. For [my new project with Hilfiger,] we are just starting and I like the people and it's going well. I hope it works. I always hope for the best."CUT AND PASTE: Tutta Milano and the fashion pack showed up at the event Diego Della Valle staged Tuesday night to launch Michael Roberts' book, 'The Snippy World of New Yorker Fashion Artist Michael Roberts." At PAC, Milan's contemporary art pavilion, the latest Tod's accessories featuring prints created by Roberts were displayed together with the colorful works by the artist — a New York skyline contrasting with speeding red cars, for example. Della Valle's son, Emanuele, put the drawings in motion with video clips. Roberts said he plans to reprise the event Nov. 11 in Tokyo during fashion week there.

WRIGHT STUFF: Anyone who fought their way backstage after the Fendi show looking for Eric Wright would be searching in vain. Wright, Karl Lagerfeld's longtime design assistant at Fendi, quietly exited the house last May. Fendi chief executive Michael Burke confirmed Wright's contract expired and was not renewed. A successor was not named. Wright could not immediately be reached for comment, but he can always be found backstage in January at Trussardi. The Italian house confirmed Wright is working on its men's collection for fall 2006.

KATE CAPER: Ermanno Scervino wrapped up its show with Carré Otis walking the runway on Thursday, but house designer Ermanno Daelli and his business partner Toni Scervino are pursuing another controversial model: Kate Moss.

Although Moss has been shunned by Burberry, H&M, Chanel and others in the wake of photos in London's Daily Mirror allegedly showing her snorting cocaine, the Italian firm is eager to have her pose in their next advertising campaign. 'She's a beautiful woman who has given so much to the world of fashion, and it's not right for the fashion industry to turn its back on her," said Scervino. 'We need to try and help her resolve this problem."

NOT SO DOLCE VITA: About 15 Dolce & Gabbana invitations went amiss in the hands of a messenger, pushing security into high alert for the house's 20th anniversary show Thursday. The narrow street in front of the designers' new show space combined with the extra vigilance at the door — the house was alarmed that animal rights protesters could sneak in the show — created a mob scene of frustrated editors and congested traffic out front. But despite the chaos at the door, Chloë Sevigny, who walked the runway for Dolce & Gabbana last March, was sitting pretty in the front row. 'I had no stress this season," she said. 'I'm just here to see the show." Not that her modeling duties are over. She said she's been posing for a lot of shoots wearing Dolce & Gabbana for anniversary articles in magazines including German Vogue and Italian Elle. Her workload continues on the small and big screens, too.Sevigny just wrapped up shooting 'Zodiac," starring Jake Gyllenhaal and Robert Downey Jr., and her next project is the new HBO series, 'Big Love," airing in January. Also adding star wattage to the front row was Elizabeth Hurley with Arun Nayar and outgoing Dolce & Gabbana U.S. ceo Gabriella Forte, who couldn't be drawn out on her future plans despite rumors that she could stay with the company in some capacity, possibly in Italy. 'I'm just a family guest," she demurred.

HUSH HUSH: Burlesque performer Dita Von Teese, taking in the Moschino Cheap & Chic show on Thursday, was as tight-lipped as usual about her upcoming nuptials to rocker Marilyn Manson. She would only say the wedding will happen before the end of the year in a 'top secret" location that sources say is a castle in remote Scotland. But Von Teese will surely tell all by Valentine's Day. That's when her new book, 'Burlesque and the Art of Teese," comes out, published by Harper Collins.

REIGN IN SPAIN: Jil Sander is said to be having a difficult time adjusting to life away from the fashion house she left behind. Ever reclusive, the designer has kept a low profile since exiting Prada Group for the second time. But at least she has a big design project to keep her occupied: Word has it she's building a new house in Ibiza.

PARKING LOT: Editors and retailers are eager to escape Milan's traffic snarls, but guess what awaits in Paris next week? French unions announced a general strike day for Oct. 4, the first big day of Paris Fashion Week. That usually translates into major disturbances for all forms of transportation, from flights to buses, leading to bad traffic all over the city.

CHANGING CHANNELS: Oliver Yang, one of the Gucci Group executives who exited the company earlier this year in the wake of management changes, has landed at none other than rival Christian Dior. Dior chief executive Sidney Toledano said Yang is already in Paris, learning to speak French and immersing himself in the world of couture. His position has yet to be defined by 'he will have an important mission," Toledano assured.

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