By peoplemag
Updated February 26, 2010 07:28 PM

PA Photos/Landov

At only 24 years old, Lily Allen has announced that she’s seeking early retirement from the music business in favor of a career in fashion. According to the Daily Mail, Allen’s last performance will be in London March 7, after which she’ll be honing her creative talents on the launch of a clothing label and boutique called Lucy In Disguise. “I’m opening up a shop with my sister and a couple of other people and I’m really busy,” she said. “I’m in the office every day, sourcing clothes and getting really excited about my new venture.” The star is on the hunt for a storefront in central London, and in a twist on the traditional shopping model, plans to allow customers to rent clothes for a fraction of their retail value. Allen tells, “It’s amazing stuff that would be really expensive but we’re renting it [out] for a fraction of the price, so girls can come and get dressed up for a night out and have a laugh.” This isn’t the first time Allen has tried her hand at designing: in 2007, she produced a collection of dresses, shoes, and accessories for New Look called Lily Loves, and just last month she announced plans for an eponymous jewelry line. Lucy In Disguise is expected to debut at the Vintage At Goodway festival in Sussex in August. And fans of her tunes, fear not: she hasn’t closed the door on music completely, and already hints that she might be performing again–but “maybe in five years.” For more on Allen’s new venture, visit Tell us: Are you excited to see Lily Allen expand into fashion?Emily Hsieh