Chanel

The German-born designer helped define the looks of Chanel and Fendi behind the scenes, even as he cut a titanic figure center-stage in the fashion industry. Chanel confirmed Lagerfeld's death Tuesday.

Chanel says it is aligning the cost of its handbags worldwide. The move reacts to the depreciating euro and aims to stop people from buying up the classic bags to sell at a profit in other countries.