Sarah Jessica Parker resigns as Halston’s COO

Sarah Jessica Parker is expected to receive a $3m payout for her stake in a failing fashion label.

The Sex And The City star is ditching her contract with design house Halston, which would have entitled her to nearly $10m over the next three-and-a-half years, according to the New York Post.

Parker, who had been designing a lower-price line called Halston Heritage, has now reportedly agreed to accept $3m for her ownership stake in the failing firm, as well as an exit from the remainder of her contract.

‘She was tired of all the conflict,’ a source told the New York Post.

‘Sarah felt that she has the opportunity to do a lot more with herself, and make a lot more money in the process, if she goes elsewhere.’

The actress is not alone in jumping ship from Halston, according to the US newspaper.

Hollywood mogul Harvey Weinstein is also reportedly selling his stake, which had approached 10 per cent, for between $1m and $1.5m.

Fashion sources have claimed that Halston has been rocked this year by arguments between Weinstein and executives at Hilco, a Chicago-based liquidation firm that took control of Halston in 2007 in a $25m buyout.

‘There have been a lot of screaming matches,’ a Halston insider told the New York Post. ‘They really couldn’t agree on too much – the management team, expenses, the company’s structure.’

Chief financial officer Jeff Green declined to comment.

Donatella Versace to collaborate with H & M

One of the world's famous fashion Designer, Versace will design for H&M (Hennes & Mauritz) this year, becoming the latest high fashion label to work with the Swedish high street brand.

“I am thrilled to be collaborating with H&M and to have the opportunity of reaching its wide audience,” Donatella Versace said this morning. “The collection will be quintessential Versace, perfect for H&M and Versace fans everywhere.”

The announcement marks a turnaround for Versace, who in 2008 claimed that a high street diffusion line simply wasn’t the Versace way. “I respect everyone who does it. But the reason I didn’t do it is because I work very hard to put the Versace line in the luxury section. I think to put the Versace line in H&M would confuse the brand,” she told New York Magazine. However, rather than ‘diffusion’, this line is being sold as an ‘Iconic Collection’ for which Donatella will raid the archives of the Italian fashion house that was founded by her brother Gianni in 1978.

No doubt hoping to have the same affect on shoppers as Alber Elbaz last year, when his Lanvin for H&M collection sold out in a matter of minutes (with many items subsequently selling for even greater prices on eBay), Donatella will launch H&M menswear, womenswear and homeware which will go on sale on November 17 – shortly followed by a pre-spring collection that will be available online from January 19.

“Versace is one of the most important brands of recent times and their collection for H&M will be glamorous and flamboyant – everything Versace stands for,” said Margareta van den Bosch, creative advisor at H&M – who has masterminded collaborations with Karl Lagerfeld, Stella McCartney, Comme des Garcons and Jimmy Choo in the past. “Donatella Versace is sharing with us iconic designs from the archives. This is such a celebratory collaboration and is perfect for the party season.”

Expect studded leather and colourful prints for the girls; sharp tailoring and plenty of bling for the boys – and substantial queues down Regent Street in November.