Return of Joseph Abboud; Jay McCarroll Still Not Rich; A/X Skivvies; Phillip Lim for Coach; Prada Gives Up Americas Cup

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Joseph Abboud to return to menswear in Fall 2008 with a line called Jaz--not to be confused with the birth control pill, Yaz, of course. [DNR]

Despite his fame, Project Runway's first winner, Jay McCarroll is homeless and couch surfing. [NY Mag]

Armani Exchange to show its skivvies. A/X will debut a new underwear line this fall. [DNR]

Phillip Lim in early talks to possibly design a line of trenchcoats for Coach [WWD]

Prada follows Louis Vuitton and bows out of the Americas Cup yacht race. [Fashion Week Daily]