Love amidst the layoffs: Macy's parades its new fashion label

Macy's earnings were in the spotlight on Wall Street on Wednesday, when the retailer posted an $88 million first-quarter loss. But about 40 blocks uptown, at its historic 34th Street flagship, the focus was on fashion.

Macy's unveiled its fall collections in a maze of themed rooms -- one housing racks of jewel tones, another draped in leopard and zebra. And at the center of it all were the studded handbags and stretchy tunics from Rachel Rachel Roy, the retailer's latest big-name branded collection.