The Fashion Bomb News Breakdown: Christopher Kane Will Not Take Over at Balenciaga, Joanna Coles Fires 9 Staffers at Cosmopolitan, and Missoni Will Not Launch A Diffusion Line

• While we were all enjoying our weekends, the fashion blogophere was abuzz with rumors that Christopher Kane would be the one to replace Nicholas Ghesquière at Balenciaga. French publication Le Nouvel Observateur reported on Friday that Kane was confirmed to helm the label, and would  assume leadership come December 1st. But a spokesperson for Christopher Kane denied these allegations: “Rumors surrounding Christopher Kane’s appointment as creative director of Balenciaga are unfounded.” Talk about short-lived excitement! Anyway, Bombers, who would be on your shortlist to take over Balenciaga? (WWD)

• NOOOOO: Margherita Missoni took to Twitter to deny rumors that her family’s brand would be launching a diffusion line: “Missoni is NOT launching a second line. We already have a second line and it’s called M Missoni.” (Racked)

Joanna Lumley raised over $23,000 auctioning off her old AbFab costumes last week. Proceeds went to the Prince Charles Trust Charity. (WWD)

• By now, we know newly-appointed Cosmopolitan Editor-in-Chief Joanna Coles doesn’t play games– and now that she’s taken over at the glossy, she’s already made some serious changes. WWD reports Coles has already fired 9 Cosmo staffers, seven editors, and two people from the photo department! Coles did promise to take the magazine in a new direction once she assumed her post, so we guess this is only the beginning. Watch this space for deets about new Cosmo hires. (WWD)

Laura de Sade, design director at See by Chloé, has left her post at the label. De Sade held the position for only about a year-and-a-half, and there’s still no word yet on her next move. (Vogue UK)