"It's all about the BRIC," declared Carlos de Souza, Valentino's unflagging majordomo, as he surveyed the international party crowd at the Ritz bar following the designer's latest couture show. "Brazil, Russia, India, China," he added helpfully. In fact, though, it was really only about India, as Valentino and de Souza introduced guest after guest to Sheetal Mafatlal, the woman who is about to open her country's first Valentino boutique, in Mumbai. One of her fingers boasted a 20-carat diamond ring, but that was handily overshadowed by a 200-carat emerald on another. The rectangle of green was so vivid it outglowed the green in the eyes of the princesses in the room as they stared at it. And there were princesses aplenty—Bulgaria, Yugoslavia, Greece—among the throng dancing to Michael Jackson and chowing on truffled mash. Mafatlal generously renamed her rock "the Valentino emerald" in honor of her host. "Where's the Carlos ruby?" wailed de Souza.

The following night, Loulou de la Falaise hosted a cocktail at her shop on the Rue de Bourgogne to celebrate her new Bettina Rheims-photographed catalog. The two women have been friends for decades, and the collaboration was an effortless dream, said Rheims, whose images were sweetness and light compared with her usual fierce erotica. Coupes de Champagne and hearty little hors d'oeuvres from the Rose Bakery fueled a gathering of names that read like an introduction to The Life of Loulou. Brother Alexis stood in for the family. Betty Catroux represented the YSL years (Pierre Bergé sent regrets, otherwise engaged at the opera). And Robert Burke, the soon-to-be ex-fashion director of Bergdorf Goodman, dropped by, as a reminder that de la Falaise has reinvented herself not just as a designer but also as a successful businesswoman, with a bourgeoning following on the opposite side of the Atlantic.

Change is in the air at Chloé with the departure of creative director Phoebe Philo. Still, the powers-that-be over there aren't lying low. The opening of the new boutique on the Avenue Montaigne was the only excuse the company needed to throw a lavish bash at the Hôtel de la Monnaie (a location infused with optimism in everything from its name to the beautifully maintained interiors). Chloé girls like Lou Doillon flew the flag for the Philo years, but the highlight of the night was a five-song performance by Bryan Ferry. Lacquered lounge-lizard persona impressively intact after all these years, he worked his mojo on Daphne Guinness, Russian Vogue editrix Aliona Doletskaya, and Carole, Lady Bamford. Chloé CEO Ralph Toledano, meanwhile, stood absorbed on the sidelines, probably admiring, like many of the more seasoned gents in the audience, the way Ferry still pulls it off.

—Tim Blanks