This week wrapped up New York Fashion Week, where iconic brands such as Marc Jacobs, Michael Kors, Calvin Klein, Ralph Lauren, Alexander Wang, Rebecca Minkoff, Diane von Furstenberg and Victoria Beckham. London Fashion Week kicks off today, featuring brands including staple British brands Burberry, Mulberry, L’Wren Scott, Tom Ford and Vivienne Westwood. London Fashion Week will run through next Tuesday Sept. 17, and will move to Milan.

In sudden but not too surprising news, Neiman Marcus Group announced it was bought by Ares Management LLC and the Canada Pension Plan Investment Board for $6 billion. Unlike Saks Inc., whose acquisition by Hudson Bay Co. in July absolved Saks of all of its debt, experts believe that Neiman may have to carry more debt and even face another sale or IPO down the road, per WWD. Speaking of Hudson Bay Co., executive Richard Baker is working on a plan to expand Saks, as well as now sister company Lord & Taylor, in addition to deciding how the two brands can work together.

iphone 5SFinally, Apple announced its new products this week, with special emphasis on the iPhones – yes, plural. The 5S is the next installment of the iPhone family, now coming in three colors: black, silver and gold. The 5S will have the iOS7 software which includes a fingerprint scanner, tracking motion and a much better camera. Meanwhile, the 5C is a less-expensive version of the iPhone. It has slightly less speed and Retina display than its snazzier older sister, but the 5C is available in five colors – green, blue, red, yellow and white – and is made of a different material, a steel frame with a plastic coating.