Scandal tarnishes carnival

Latin America's most important fashion event, the Sao Paulo Fashion Week, opened Tuesday with much attention on shows due to feature supermodels Naomi Campbell, Giselle Bundchen (pictured) and Raquel Zimmerman.

But off the catwalk, another sort of spectacle was transfixing the invited celebrities and the wealthy.

A business fiasco involving an investment fund's attempt to buy some of the biggest labels in Brazilian fashion has severely dented egos and finances.