Pop star Lady Gaga may be having an influence on sartorial choices in various parts of the world, but there is no project for her to work on a range with the Versace label, a spokesperson for the company said.

AFP earlier reported that British publication OK! Magazine revealed that Gaga would like to work with fashion mogul Donatella Versace for a range of clothing.

However a spokesperson for Versace indicated that such a collaboration was not in the works and therefore had no statement to make on the subject.

Italian fashion house Versace in May will introduce its first mobile phone, entering a blossoming new high-price category for luxury fashion brands.

Versace created the phone with ModeLabs, a French company that also makes phones for fashion house Christian Dior and watchmaker Tag Heuer.

True to Versace style, the bespoke phone will feature premium materials such as leather.

Georgia May Jagger will be the face of the Italian fashion house’s Spring/Summer 2010 campaign.

The 17-year-old daughter of rock legend Mick Jagger and world-renowned model Jerry Hall will replace Gisele Bundchen.

Georgia appeared on her first Vogue cover in November 2009, and was voted this year’s Model of the Year at the British Fashion Awards.

Bloomberg reports that Gianni Versace will shut down its stores in Japan as there is decline in the demand for luxury goods.

The fashion company has three stores in Japan, one in Osaka, one in Tokyo and one in Chiba according to the Versace website.

Versace, which entered Japan in 1981, isn’t the first brand to take this step. Last year Louis Vuitton scrapped its plans to open a store in Ginza, Tokyo.

Versace has just opened a new flagship store in Jeddah, Saudi Arabia.

With black granite marble for the floors, white lacquer effect work on the walls, and a clear blown glass curtain chandelier, the store is looking as luxe as ever.

It will house complete collections for men and women, including accessories, eyewear, watches, fine jewelry, fragrance and Versace Home

On March 23rd, online jewelry retailer Bidz.com will auction off a gold and diamond tiara designed by the late Gianni Versace to benefit the Aid for AIDS charity, with an opening bid of $699,000 US Dollars.

The one-of-a-kind tiara, which contains over 1,200 diamonds and is worth an estimated $3 million, has been worn by celebrities including Madonna, Amber Valletta and Donatella Versace.

The Versace Tiara, also known as the Tiara, won the prestigious De Beers Diamonds International Award in 1995.