On this momentous day in American history what else can we do but start our fashion news round-up off with news about the Presidency? 

This morning WWD outlines the projections for President Obama's first 100 days in office. Turning the economy around is of interest to the fashion industry too, after all. All along, many of fashion's biggest names were vocal in their support of his nomination and raised sums for his race to Presidency. 

And then there's the fun bit...Michelle Obama, now America's official first lady, is getting the fashion world excited for a return to the Jackie Onassis days. Vogue UK has already started in with the style galleries. 

Unfortunately, Jens Laugesen is folding after six years. The British designer won a slew of important awards and designed capsule collections for Topshop but financial sponsorship did not come quickly or substantially. Luckily, Laugesen has every intention of staying in the industry and we hope to see him as Creative Director somewhere within weeks. To see images from his Fall 08 collection, click here

In more optimistic news...Alexander McQueen will be designing for Target's new Designer Collaborations program that, unlike Go International, focuses on more established, recognizable names in fashion. This program will replace what is now Isaac Mizrahi's last season with the retailer.