The Wednesday Fashion Files!

Today we try on some molded leather underwear, visit Milan and Paris Fashion Weeks, talk to Teen Vogue icon Amy Astley, and man-repel like our lives depend on it. Typical Wednesday! Read on for everything that's going in the fashion world from here to the Roman Colosseum.

1. "According to WWD the rich are richer than ever before, and couture is poised to take over the world in 2011." Sketches by Valentino, Giorgio Armani Prive, and Elie Saab below. [Vie Society]

2. And speaking of couture, the globe-trotting Olivier Zahm got a front row seat at the Chanel S/S 2011 Haute Couture show in Paris. [Purple Diary]

3. The Balenciaga: Spanish Master exhibit is going strong at the Queen Sofia Spanish Insitute. Catch the "gallery talk" next Saturday, February 5, before the show closes on the 19th. All event info below. [Of Vice & Men]

4. Once again we bring you the finest in celebrity airport fashion. Are LAX and La Guardia the new Lincoln Center?! [Who What Wear]

5. Opening Ceremony now sells molded leather underwear and bras by ERRO, which happens to be a homophone for "Eros" who happens to the baby Cupid from whom we all want a visit on Valentine's Day. In other words, now you know what to buy your sweetheart for Love Day! [Refinery 29]

6. In a nine-video series, BandaiUK teaches the world how to dress a diminuitive Harumika doll like Lady Gaga! See the meat dress creation process below, and recreate on your favorite Barbie doll. Prosciutto and weaponry not included. [Refinery 29]

7. Free People is a cool brand, and now they have a cool blog. Find out what inspires the designers and go behind the scenes at their recent photo shoot featuring supermodel Sasha Pivovarova. [Free People via Sara Zucker]

8. Matchbook Magazine, the adorable collaborative effort of some of our favorite style bloggers, launched early this morning. Look for exclusive interviews with icons like Kate Spade, Lela Rose, and beauty guru Jemma Kidd. [Matchbook Mag]

9. Urbandaddy goes inside New York's new custom clothing shop Ovadia & Sons. [Urbandaddy]

10. Italian luxury label Tod's will fund a complete restoration of Rome's famous Colosseum. The renovation will take more than two years to complete and comes on the heel of fellow global brand Ralph Lauren's restoration of the American flag at the Smithsonian Institute. [British Vogue]

11. The iconic Miuccia Prada sounds off on the fast, cheap democratization of fashion:

It depends always on the content. If the content is intelligent and new, it provides value. If it retreads something old and it’s something people have already committed to memory but it’s just a matter of adding a name to it, I really don’t care. It always depends on what one does.…Perhaps only the Japanese have found a better way to make economical products that really make sense. [Racked]

12. Fresh on the heels of our Style Phile post about the "other" Olsen sister, Italian Vogue celebrates the bright young Elizabeth, sister of Mary-Kate and Ashley. [Italian Vogue]

Check out our Daily Style Phile post on Elizabeth Olsen from yesterday: [Elizabeth Olsen]

13. This Digby & Iona heart signet doubles as a seal...for all those love letters you plan to send on Valentine's Day. [N'east Style]

14. More for the men: Josh Peskowski has been all over Milan lately, snapping photos at Prada and Dries Van Noten, among others. Take notes, as you'll be looking a lot like Patrick Bateman come fall. Umit Benan's banker-style collection below. [Gilt MANual]

15. Our favorite Man Repeller has a Tumblr now, and she's filling it with amazing boner-killing style! Just feast your eyes on all those clashing colors and patterns and gems and hip, fashiony stuff. [Man Repeller]

16. Teen Vogue EIC Amy Astley (whom you may remember from The Hills) talks about how she climbed the ladder and earned her big breaks on Vogue assistant Emily Weiss' new beauty blog. [Into the Gloss]

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17. Nothing shows aspirational dedication quite like tattooing a luxury brand logo all over your face and body. [Spiers]

18. This Proenza Schouler bracelet is unbelievable. Almost looks like a good D.I.Y. project but...nah, we'll buy the real thing. Available for pre-spring 2011. [Because I'm Addicted]

19. Bonne Bell is relaunching its much-beloved Lip Smackers line. Fingers crossed that the Dr. Pepper-flavored lip gloss survived. Now if only we could get our hands on some Lisa Frank school supplies, we'd be all set! [Racked]

[Image via Flickr]

20. We wrap things up today with this hilarious reminder of the way things were...although quite frankly we know a lot of men and women living in the city today who continue to dress just like these Reagan era Yuppies. L.L. Bean boots?! They're so in right now! They're part of the Official Winter Uniform! Some things never go out of style, young urban professionalism being one of them. [Fresh Every Day]