Here's a concise look at everything that's happening in fashion right now:

President Barack Obama went to a New York City Gap in midtown Manhattan on Tuesday. He bought Michelle Obama a blue, zip-up athletic jacket in a size medium, and bought both his daughters thin long-sleeve sweaters. He spent $154.85.

There's going to be a new era at The New York Times. Vanessa Friedman, who is currently the fashion editor of the Financial Times, will be the fashion director and chief fashion critic of the NYT. Eric Wilson, Suzy Menkes and Cathy Horyn have all left the publication recently.

Target's thigh gap Photoshop went terribly wrong. Instead of just adding a space between the model's legs, the gap was extended into the model's pelvis area. "It was an unfortunate error on our part and we apologize," Target spokesman Evan Miller told ABCNews.com. "We removed the image from the site and we're working to get a new image up there."

TOMs footwear will be trying out its one-to-one model with coffee. Blake Mycoskie, the founder of the brand, launched Toms Roasting Co., which will give away clean cooking and drinking water for every bag of coffee it sells. Each bag costs $12.99 and is enough for a week's worth of clean water for one person. Buy the coffee here.

The slightly shorter-than-average model Cara Delevingne has been compared to slightly short model Kate Moss before—they are both free spirits and it-girls after all. Now, the two are starring in a Burberry campaign together.

The gods at the Council of Fashion Designers of America have spoken, and the nominees are in:

Womenswear Designer of the Year: Alexander Wang, Joseph Altuzarra of Altuzarra, Marc Jacobs

Menswear Designer of the Year: Maxwell Osborne & Dao-Yi Chow for Public School, Marcus Wainwright & David Neville for Rag & Bone, Thom Browne

Accessories Designer of the Year: Alexander Wang, Lazaro Hernandez & Jack McCullough for Proenza Schouler, Mary-Kate Olsen & Ashley Olsen for The Row

Swarovski Award for Womenswear: Shane Gabier & Christopher Peters for Creatures of the Wind, Rosie Assoulin, Wes Gordon

Swarovski Award for Menswear: Tim Coppens, Todd Snyder, Shayne Oliver for Hood by Air

Swarovski Award for Accessories Designer of the Year: Irene Neuwirth, Jennifer Fisher, Marc Alary

Geoffrey Beene Lifetime Achievement Award: Tom Ford

Media Award: Paul Cavaco

Founders Award: Bethann Hardison

Board of Director's Tribute Award: Ruth Finley

International Award: Raf Simons