Insider Trading Up: Paris-based fashion house Balmain announced yesterday that Olivier Rousteing will succeed Christophe Decarnin as creative director. Rousteing was in charge of the house’s womenswear. (New York Times) (Harper’s Bazaar)

Premiere: Tonight, the Wolf Trap Foundation launches the world premiere of comic opera “The Inspector.” (Washington Post)

Bright Lights, Big City: The Steppenwolf Theatre’s production of Edward Albee’s “Who’s Afraid of Virginia Woolf?” will return to Broadway in October 2012. The acclaimed production at Arena Stage in Washington, DC starred Tracy Letts and Amy Morton, who will play George and Martha again on Broadway. (Playbill)

Owning Icons: The Gagosian Gallery in New York announced yesterday that it will have exclusive representation of late photographer Richard Avedon’s works in partnership with the Richard Avedon Foundation made the announcement Tuesday. (AP)

Awards: Broadway musicals “Sister Act and “Anything Goes” topped the list of nominations for the Outer Critics Circle Awards announced yesterday. “Sister Act” earned nine nominations, while the revival of Cole Porter’s “Anything Goes” received eight. (New York Times)

Not Sexy: Victoria Secret is under fire for destroying unworn returned clothing. (MSNBC)

An American (Original) in Paris: On Thursday, Ralph Lauren will showcase his collection of rare sports cars in “The Art of the Automobile: Masterpieces of the Ralph Lauren Collection” The exhibition opens to the public at Les Arts Décoratifs in Paris and runs through August. (WWD)