From what I’ve seen, one of the only industries worse than the movie industry has to be the fashion industry. So now Women’s Wear Daily looks at how Hollywood entertainment moguls are buying fashion companies. “Recent transactions include Harvey Weinstein’s acquisition of Halston, backed by Hilco Consumer Capital, and American Idol mogul Simon Fuller’s partnership with London fashion designer Roland Mouret, who plans to unveil his new RM collection during couture week in Paris in July.” It says other Hollywood/fashion deals are brewing, “including a ‘major celebrity manager’ currently corralling investors to relaunch several historic fashion brands, similar to what Weinstein plans to do with Halston.” And The Firm bought the sneaker brand Pony in 2001, only to sell it less than two years later. My own opinion is that the junction between Hollywood and fashion should remain on the red carpet. Because if you accept the premise that the film business is the folly of the filthy rich, and the indie film business the folly of the stupidly rich, then the fashion business must be the folly of the insane rich.