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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.

This story first appeared in the February 29, 2008 issue of WWD. Subscribe Today.

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.

COCO NUT: Audrey Tautou is truly dedicated to getting ready for her latest role as a fashion designer, and it seems any show will help. “I’m in preparation to play Coco Chanel,” Tautou said at Celine Thursday. The French actress has the leading role in an upcoming Anne Fontaine-directed biopic about the iconic designer. Meanwhile, the dictum that fashion and politics don’t mix definitely has Emmanuelle Seigner’s vote. The actress shrugged “no comment” when asked about French President Nicolas Sarkozy by one journalist. “I don’t think it’s my role to talk about politics,” Seigner said afterward. “There’s already enough to do as an artist.” Her upcoming projects include “Le Code a Changé,” directed by Danièle Thompson, plus a trip to Asia in May to promote the Tai Chi clothing line she designed with Celine. Pop diva and actress Sammy Cheng said she hopes to take a turn modeling — as part of an exhibition Celine is hosting in Hong Kong’s Landmark center this fall. The star has just wrapped action movie “Detective Women” in Hong Kong. Up-and-coming actress Léa Seydoux turned the table on photographers by snapping pictures of them on her cell. Seydoux has just finished playing a princess in a TV film about “La Princesse de Clèves” and next will play a girl who has the power to heal.

“Thank god you took off your white shirt,” Julianne Moore said to her husband, filmmaker Bart Freundlich, as they took their seats at the YSL show Thursday night. That’s because the couple was sandwiched between a row of seated ushers in creamy white shirts. Moore said she was looking forward to the release of her next movie, “Savage Grace.” “The fashion is phenomenal: Wonderful styles from the Forties to the Fifties.” Moore said she was currently working on a plethora of productions, including “Blindness” based on the novel by José Saramago. She’s also just completed an interior decorating job at the apartment of her stylist, Leslie Fremar, who sat behind the actress at the show. The project will be on the cover of Domino Magazine in May. “She’s my client and I’m her client,” said Moore, who flew in just for the show. “We have to be back by Sunday to see my son’s basketball game.”

Meanwhile, fashion snapper Mario Sorrenti revealed he’s working on a book of “mostly controversial” fashion images from the last 15 years.

On another front, YSL has signed a four-year contract to support New York’s Metropolitan Opera. It will start with this season’s opening night gala on April 21, a performance of Donizetti’s “La Fille du Régiment” starring Natalie Dessay and Juan Diego Flórez. Designer Stefano Pilati and YSL chief executive Valérie Hermann will host the gala. The alliance marks one of YSL’s biggest philanthropic endeavors and underscores its long time commitment to the classic arts.

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