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WATCH: Marc Jacobs and Famous Pals Celebrate Louis Vuitton's New London Store

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Fashion plates like Gwyneth Paltrow, Kirsten Dunst and Alexa Chung were all on hand in London last night to help designer Marc Jacobs celebrate Louis Vuitton’s new Bond Street store, proving that a little taste of over-the-top of luxury is the perfect antidote to the buzz-killing effects of the recession. “It’s probably one of the most magnificent retail stores in the world,” said Jacobs, the brand’s creative director, of the sprawling, three-story Maison designed by architect Peter Marino, which showcases works by art-world luminaries including Takashi Murakami and Richard Prince as well as retrospectives of vintage LV designs. “It’s a monument to luxury and visual stimulation,” he said. Model Elle Macpherson–who, alongside fellow fashionable guests, was treated to an after-party performance by ’70s singer Donna Summer–heartily agreed. “I haven’t seen anything like this in a very long time,” she said. “It sort of reminds me of the ’90s when we all had a lot of money to spend.” The Louis Vuitton New Bond Street Maison opens to the public on Friday, or if you can’t make it to London any time soon, visit louisvuitton.com. –Marissa Patlingrao Cooley