Parsons Benefit Honors Reed Krakoff, Raises $1.5 Million in One Night

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Last night, the who's who of the fashion industry turned out in force at the 2011 Parsons Fashion Benefit—this year honoring Reed Krakoff, President and Executive Creative Director of Coach and Reed Krakoff. The benefit also paid special tribute to Arnold Aronson, former CEO of Saks Fifth Avenue, and Marvin Traub, former CEO and president of Bloomingdale's, and raised more than $1.5 million in funds for scholarships and programs at Parsons The New School for Design.

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"Parsons prepared me with the tools to succeed in this business," said Krakoff, who holds an associate's degree (AAS) from the school. "Not just a mastery of the technical skills of design, but an understanding of the social, economic and cultural threads that make fashion such a phenomenon. It is rewarding to support Parsons efforts to provide aspiring designers with access to education, an invaluable investment in their future."

Executive Dean Joel Towers announced last night that Coach, Inc. has established an endowment for a Reed Krakoff for Coach Scholarship at Parsons—which will benefit students who've been identified with special interest and ability in accessory design.

Notes from the floor: We were invited by Lord & Taylor and sat at L&T's super-fun table last night. At one point, when Harper's Bazaar editor Glenda Bailey was introducing Krakoff, she bungled his name and called him "Kreed Rakoff." Is this an inside joke? Can somebody clarify?
· Parsons Fashion Benefit [New School]