Your morning fashion and beauty report: Russell Simmons goes from Phat to preppy. Michelle Obama, Katie Couric look lovely in red. Taylor Swift signs on with 'Cover Girl'

We told you preppy was back! Now even rap mogul Russell Simmons, whose Phat Farm label made a fortune with baggy jeans and sweat shirts, is reaching for the skinny in his closet. [Wall Street Journal]

The color of the evening was red for this past weekend's White House Correspondents' Assn. Dinner, with First Lady Michelle Obama leading the way in a gown by Prabal Gurung. Also wearing red: Katie Couric, Kathie Lee Gifford, Mariska Hargitay and Gayle King. [Huffington Post]

Hermes patriarch Jean-Louis Dumas dies in Paris at age 72. [Wall Street Journal]

Get a preview of who will be wearing what at the glitzy Met gala. [Vogue]

Style expert Charla Krupp shares fashion tricks that can make you look thinner. [InStyle]

Zandra Rhodes talks about how fashion's role models are failing our children. [Telegraph]

Taylor Swift has signed on to be Cover Girl's latest cover girl. [wwd, subscription required]

Britney Spears tweets that she's designed a capsule collection for Candie's. [Twitter]

J. Crew shows off its spring line against the tropical paradise of the Turks and Caicos. [FabSugar]

Keep your sense of humor with 10 things to know when you're planning a wedding -- or not! [Guardian]

See how the "Glee" girls styles compare in character and in person. [BellaSugar]

-- Susan Denley

Photo: Taylor Swift. Credit: Ken Hively / Los Angeles Times