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HOOP DREAMS: Ian Schrager and his wife, Tania, have big hopes for their newborn (and first) son, Louis Schrager, who was born Sept. 1. The proud parents sent out an oversize birth announcement of their new baby boy, wearing a Miami Heat jersey, superimposed alongside the Miami Heat “Dream Team” of Dwyane Wade, Chris Bosh and LeBron James. With the caption “The New Dream Team” and “New Man in Town,” the young hoop star touts such stats as 7 pounds, 14 ounces and 20 inches tall. Does the hotelier have visions of his son joining the Miami Heat one day? “I’m actually a huge New York Knicks fan, but the Miami Heat got the Dream Team,” said Schrager.

This story first appeared in the October 12, 2010 issue of WWD. Subscribe Today.

AFFAIR OF THE NECKLACE: Wendy Vanderbilt is selling the famous Vanderbilt Diamond Necklace in “Christie’s Jewels: The New York Sale” on Oct. 20. A fringe piece featuring 24 detachable pear-shaped diamonds and estimated at $400,000 to $600,000, the necklace was a gift her mother, Manuela Hudson, received from her second husband, Edward Beale McLean Jr. (Edward’s own mother, Evalyn Walsh McLean, once owned the Hope diamond). “This necklace holds many memories for me as I recall the countless times I saw my mother wearing it,” said Vanderbilt. “But I am a working artist who is spending much time in a studio and my life is such that I never wear it anymore. I can only hope the next owner gets as much pleasure from it as my mother and I did.” Chic hand-me-downs anyone?

SHELL GAME: Azzaro designer Vanessa Seward, who loves to collaborate on special products, has teamed up with French minaudière specialist Sylvia Toledano on a special shell-shaped bag called La Scala. The limited edition crystal-studded bag comes with a matching pen and retails at 1,500 euros, or about $2,090 at current exchange rates.

STYLISH RABBITS: Thanks to Jeff Koons, Rodarte’s Kate and Laura Mulleavy will be getting a piece of art when they pick up their Young Artist honor at the National Arts Awards Oct. 18 at Cipriani 42nd Street. For the first time, the artist has created a three-dimensional piece, “Balloon Rabbit,” that will be used specifically for the award. Martha Rivers Ingram, Herb Alpert and Angela Lansbury will also be feted. But fashion’s favored sisters might have a little déjà vu at the Midtown gala. They will also be toasted at the Cooper-Hewitt National Design Museum’s National Design Awards on Oct. 14.

ARMANI SPORT: Giorgio Armani is supporting the renovation of Milan’s historical Palalido, a sports center that was originally built in 1961. The 53,281-square-foot structure is slated to reopen next spring and will be renamed Pala A/J. Until 2017, it will serve as the home stadium for the Armani Jeans Milano basketball team. The Italian designer has been investing in the team for the past six years and is currently its president. According to sources, Armani will contribute 2.4 million euros, or $3.3 million at current exchange, to the Pala A/J project, which will cost a total of 7 million euros, or $9.6 million, to the city of Milan.

HORSE PLAY: Reem Acra is going from dressing to dressage. The designer just signed a three-year deal to sponsor the Western European League and the Final of the FEI World Cup Dressage riding tournament. “I have always loved horses and have watched and admired dressage events for many years,” Acra said. “For me it is the most beautiful and stylish discipline within the equestrian world, so I am thrilled to be given the opportunity to take a more active role in the sport.”

The sponsorship was announced by FEI president HRH Princess Haya during the Alltech FEI World Equestrian Games in Kentucky. “The Reem Acra brand will add even more glamour to what is already one of the world’s most stylish sports,” the Jordanian princess said.

GALLIANO HEADS EAST: As part of its Middle East expansion plan, John Galliano has opened a Galliano boutique at the Mall of the Emirates in Dubai with commercial partner Chaloub. The 2,153-square-foot space is characterized by metal and wood elements with the merchandise presented among bicycle seats and wheels. The next opening is set for January in Qatar.

COUNTING SHEEP: London’s first Wool Week has kicked off with sheep in the streets and industry figures touting the benefits of the natural fiber, the price of which has steadily declined over the past decade. On Monday, Savile Row was transformed into a meadow where sheep — their wool dyed in brightly colored plaid patterns — grazed, while many of the tailors opened their doors and archives to the public. The previous day, 15 yellow-dyed sheep gathered outside Selfridges to make their point about the importance of giving fleece a chance. The Campaign for Wool is a five-year initiative dreamed up by Prince Charles and unveiled earlier this year. More than 80 retailers including Burberry, Pringle, Paul Smith, Jigsaw and Jaeger are supporting the event with wool-themed windows, discounts on products and knitting classes. “Wool is the modern fabric of the future,” said Nicholas Coleridge, a spokesman for the campaign, at an event at Selfridges on Monday. In honor of the week, the store is offering a bespoke service where customers can choose their own length of scarf.

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