>> A year and a half into his creative directorship at LL Bean's younger-bent heritage line, LL Bean Signature, Alex Carleton is turning out polished, modern versions of the Bean archives more than ever. Fans of the Givenchy Rottweiler sweater and the Balenciaga German Shepherd sweater will appreciate Carleton's own take — the duck sweater; other highlights for Fall 2011 include a sporty wedge boot with contrast piping, a mustard-highlighted field coat (left), and a roomy drawstring bag. The collection launches online Aug. 1 — we've highlighted the top looks in the slideshow.

>> Colorblock has appeared on dozens of designers' runways for the last three seasons, but it's not all about Mondrian-style squares and hard-lined panels. As Carey Mulligan proved in a skin-baring Roksanda Ilincic frock at Comic-Con last week — and Karolina Kurkova attested earlier this month in a sweep of Sophie Theallet — the trend can be sweetly feminine and softly sexy as well. From Gucci's artfully-draped Spring 2011 versions to the Fall 2011 Grecian styles on offer from Carlos Miele and Costello Tagliapietra, here's a look at the softer side of colorblock.

>> A deal that has been rumored since March 2010 could go through as soon as this Friday, Cathy Horyn reports, although she notes that the talks are not yet complete.

European private equity firm Permira — which took a 45 percent stake in Proenza Schouler four years ago and is also the principle owner of Valentino — is expected to sell its shares to a group of New York investors led by Andrew Rosen (founder of Theory, overseer of Helmut Lang, and investor in both Rag & Bone and Alice + Olivia) and John Howard, an early and successful investor in Seven for All Mankind and Aeropostale.

Horyn speculates that after the deal is complete, Proenza Schouler may explore more product categories like denim or bolster its accessories offering with more leather goods, shoes, and eyewear.

As for Proenza launches already in the works, the label just released its Fall 2011 ad campaign (left), shot in New York's Milk Studios by Willy Vanderperre, styled by Marie Chaix, and starring Zuzanna Bijoch.