In an inevitable yet certifiably genius move, today master gossiper Perez Hilton launched a fashion site: CocoPerez. With a similar format to PerezHilton.com, CocoPerez.com covers fashion news stories as they break, such as today’s big news: design label Escada has filed for bankruptcy.

Given Perez’s insider status, this site will no doubt be a must-read source for up-to-the-minute fashion news. And with Perez’s acid tongue, expect brutally honest reporting… and not just a bit of editorializing as well.

We’re Bookmarking this one ASAP. Go check it out!