H&M is getting second-guesssed for tapping Madonna as its new celebrity endorser - not because she's too edgy for the teen fashion chain, but because, at 47, she's too old. "These kids trade in stars every two or three years, and many don't know Madonna," ad legend Jerry Della Femina told us. "I could see her signing up with Loehmann's, I can't see her with H&M." Madonna's spokeswoman, Liz Rosenberg, retorts: "I defy any 18-year-old to do a quarter of what Madonna does on stage. I hope Jerry Della Femina takes a nice pill." Meanwhile, Loehmann's was excited. "We'd love to have Madonna - if we could afford her," chirped store flack Linda Mann.

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