Business Notes FASHION

The American flag is not only a burning issue these days but also a hot fashion statement. Designers are slapping Old Glory on everything from barrettes to bikinis. After his $300 stars-and-stripes sweater sold out last fall, Ralph Lauren created three-spangled swimsuits that are moving briskly at up to $72. Saks Fifth Avenue's New Glory shirt ($57.50) sold out just in time for the Fourth of July. The shirt's success might have surprised Abbie Hoffman. The late yippie was once charged with flag desecration for wearing a shirt like Saks' best seller.