Update: Olivier Theyskens was thought to maybe take over the helm but sources have confirmed this false. 2010 is the date we can expect to witness the revival.
Before you know it, we may have another storied fashion house back on our hands. The Italian business mogul Diego Della Valle, who also owns Tod's, bought the rights to Elsa Schiaparelli earlier this year.
Ever since, he's been on the hunt for a designer to bring the house, most famous for its 1937 surrealist lobster evening dress collaboration with Salvador Dali, back to its former glory. Talks with Roland Mouret fell through, but WWD is reporting that British designer Giles Deacon has risen to the top of the pile. Exciting!