Hold onto your hemlines! Armani's coming!

It's official. Those hushed whispers about Giorgio Armani coming to Los Angeles for the Oscars are true. For the first time since 1992, the designer will be in town for Hollywood's biggest bash and he's throwing his own pre-Oscar fashion fete on Feb 24, the night before the Oscars. The highlight of the lavish affair will be the runway show of his Spring/Summer '07 couture line, Armani Prive, which will take place at powerful fashion emporer Ron Burkle's Green Acres estate.
Without a doubt Oscar producer Laura Ziskin and her go-to fashion guy "Vogue" editor-at-large Andre Leon Talley will be there. I wouldn't be surprised if Vanity Fair's Graydon Carter and "Vogue" editrix  Anna Wintour will show as well. And of course, Tom and Katie won't miss it. Nor will their new pals Posh and Beck. Expect Armani's regular fashion fans, George Clooney, Leonardo DiCaprio, Martin Scorsese, Joaquin Phoenix, Whitney Houston, Mark Wahlberg, Sandra Oh, and Cate Blanchett, whom Armani dressed for the SAG Awards and is rumored to be dressing for the Oscars.

Armani is going head-to-head with Donatella Versace, who came to town this week to be feted at last night's Rodeo Drive Walk of Style event for her contributions to fashion and entertainment (along with her late brother Gianni). But don't be surprised if you see a few Grammy-going girls in Versace on Sunday. Donatella's  fan club, all at the Beverly Hills City Hall to lavish praise (and poke a little fun at) on the tiny blonde Italian Princess included Drew Barrymore, Demi Moore, Elton John, Eva Longoria, Penelope Cruz, Sharon Stone, Trudie Styler,  Quincy Jones, Rupert Everett, Prince, Kanye West Cindy Crawford,  hubby Rande Gerber, and anger-management trainee, Naomi Campbell.
For more behind-the-velvet rope dish and an upclose look at the Versace-clad celebrity models, check out my Versace gallery going up on the site this afternoon. Oh, C'mon, you can wait that long. Trust me, it's juicy.  Hint: What bloated, bloozy female rocker was refused entrance to the cordoned off celebrity petting zoo and screamed at the security girl before storming out the back door with her embarrassed daughter? And did you know Sharon does a mean Donatella imitation? She gives Saturday Night Live's Maya Rudolph a real run for her money.

Photo Credits: Victoria Beckham still doesn't smile, despite being clutched and tickled by the most charming and talented fashion designer in the universe.
Lorenzo Santini/WireImage
Photo Credits: Donatella enjoyed Sharon's send-up of her during the auctioning of a limited edition Versace car that fetched $500,000 dollars for Elton John's AIDS charity.
J. Scuilli/WireImage