Ad campaign by Annie Liebowitz, courtesy of the Gap

Gap earnings rise but sales fall (Drapers)
“Total international sales fell slightly to $505 million over the fourth quarter.”

US economy contracts 6.2% (FT)
“The US economy contracted by an annualised 6.2 per cent in the final quarter of last year, revised government figures showed on Friday, the sharpest quarterly contraction since 1982 and a sign of an even deeper recession.”

Reiss plans young, cheaper sub-brand (Drapers)
“Premium high-street chain Reiss is launching a younger, lower-priced sub-brand for Autumn to widen its customer base.”

Despite IT Bankrupcty, Just Cavalli Presents Collection (New York Times)
With the collapse of its manufacturing firm Ittierre, Just Cavalli forges on with a presentation in Milan.