Indie Newsroom is brought to you by an Xtravaganza extravaganza, Egypt's counterfeit costumes and the Nina, the Twitta and the stock market-ia.

- Paris burned once more during the House of Xtravaganza's 30th anniversary celebration with honorary drag queens Joan Smalls and Patricia Field in attendance. The House will appear with Joan in an upcoming editorial for Japanese Vogue which will no doubt be EVERYTHING. [NYT]

- The 2012 Olympics are already the most fashion-centric games in recent memory and that's not necessarily a good thing. Case in point, since Egypt's been going through it for...ever, they decided to cut a few corners and outfit their athletes in some cheap Chinese knock-offs featuring Nike logos with Adidas zippers. Egypt really couldn't care less, though Nike is a bit concerned -- hopefully concerned enough to donate some authentic sportswear. Just do it. [The Cut]

- While Egypt is hard-up for funds, these Olympians are rolling in the dough. [Forbes]

- As many a Project Runway contestant has learned -- the hard way -- never underestimate the power of Nina Garcia. After the Marie Claire fashion director tweeted about J.C. Penney -- of which she is the new "style voice" -- Penney's stocks rose 8%. [Fashionista]

- Karl Lagerfeld, on occasion -- occasions when he's not busy shilling out for the highest bidder -- poses like a statue in the streets of Paris, to the delight and perhaps horror of passersby. [Vogue UK]

- Banana Republic, apparently not a fan of joints, Photoshopped a model's kneecap into oblivion. And the results are kind of terrifying. [Styleite]

- Aussie raptress/songstress/bad bitch Iggy Azalea is taking a break from stacking hunneds to walk in New York Fashion Week. [Refinery29]