Style Scoop: Current/Elliott Designers Leaving Namesake Brand, Condé Nast over Wal-Mart Mag, Cate Blanchett's Fav Style Stars

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In a major label shakeup, Emily Current and Meritt Elliott of Current/Elliott have announced that they are leaving their namesake brand. But the question in our heads is why? The rumor mill has it that Serge Azria, who co-founded the label with the pair — and is brother to BCBG founder Max Azria— has been at odds with the SoCal designers for the past few years. Banter aside, we're happy to know that Current and Elliott plan to "perpetuate [their] whimsical Americana aesthetic," and give us some new designs. [Fashionista]

In other Serge Azria news, the Equipment CEO is opening up the first store for the e-commerce brand in none other than the NYC. With today's grand opening, we're sure the masses will be voyaging to the SoHo flagship for some least-minute gift finds. [ELLE]

Who tops Cate Blanchett's list of the most fashionable femmes around? Gwyneth PaltrowMary-Kate and Ashley Olsen, and the legendary Diana Vreeland, just to name a few. Plus, the SK-II global ambassador, which explains her flawless skin, opens up about the rising Hollywood stars she loves (hint: a Ms. Stone is listed) and the designers she'll always love. [VOGUE UK]

In the 21st century world of fashion collaboration overload, one might never partner media giant Condé Nast with discount retailer Wal-Mart, but this partnership has already been underway. Condé is behind Wal-Mart's 12-page periodical BeautyScoop, the retailer's version of a traditional magazine with models and features included. [WWD]

Looks like Renzo Rossi isn't stopping at staking a claim in Italian label Marni. He wants to consolidate his holding company Only the Brave, into a modern-day conglomerate. So far, Viktor & Rolf, Maison Martin Margiela, and Rossi's own Diesel brand operate under the company, along with manufacturer Staff International. [VOGUE UK]

There's a new chief creative officer at Hearst Corporation. Neeraj Khemlani, the company's former head of non-fiction television production, has been with Hearst — which includes ELLE, Harper's Bazaar, and Marie Claire under its multimedia platform — since 2009. [Mediabistro]