Holly Fulton A/W 09, Swarovski Emerging Talent Award Winner | Source: Dazed

British Fashion Awards 2009 – The Winners (Independent)
“British fashion’s leading lights were rubbing shoulder pads last night at the prestigious annual awards which celebrate home-grown design talent and business success and are voted for by industry leaders, designers and retailers.”

Neiman Marcus sees weak luxury demand (FT)
“Neiman Marcus, the US luxury retailer, said on Wednesday it was seeing “some encouraging signs” of a recovery in parts of its high-end business, while warning that it expected overall demand to remain weak for some time.”

New York cracks down on counterfeit luxury goods (Reuters)
“New York authorities are cracking down on the sale of counterfeit luxury items, shutting down 31 stalls in raids on Tuesday and Wednesday and seizing $1 million of fake bags and watches.”

Burberry confirms London Fashion Week return (Drapers)
“Burberry chief creative officer Christopher Bailey has confirmed that the luxury British brand will stay at London Fashion Week this February.”

Alexander Wang, for Cool Kids, and Now You (NY Times)
“Don’t tell Alexander Wang that blue is the new black or that wedge-heel boots are the season’s must-have. Such airy edicts would most likely make him laugh. “No one talks like that anymore,” said Mr. Wang, whose keen sense of what young women want to wear is matched only by his no-nonsense approach to his, um, métier.”

From the Cartier Collection, Richemont Group | Source: Cartier

Richemont’s Rupert to Take Over as CEO; Profit Slumps (Bloomberg)
“Richemont SA, the world’s largest jewelry maker, said Chairman Johann Rupert will replace Norbert Platt as chief executive officer in April, taking more control amid the deepest recession since the 1930s… Richemont’s first-half profit fell 60 percent.”

In downturn, luxury brand Bally eyes Asia and beyond (Reuters)
“Fresh from a makeover, luxury leather goods and clothing label Bally is out to woo fashionable Asians, but not at the expense of European and American customers who have been harder hit by the downturn.”

Bulgari shines after results, broker targets (Reuters)
“Shares in Italian jeweller Bulgari rise more than 4 percent after the company returns to a net profit in the third quarter and analysts raise their price targets on the stock.”

Lindsay Lohan at Ungaro a disaster: designer (Independent)
“Hollywood bad girl Lindsay Lohan’s first collection as artistic advisor for Emanuel Ungaro was a “disaster”, the founder of the French couture house said here, local press reported.”

Winner of Swiss Textile Award – Alexander Wang: Too cool for school (Independent)
“While some designers look to the past or future, Alexander Wang is as right here, right now as it gets. The American designer is zeitgeisty, he’s of the moment and in fashion-speak he’s also having a moment; quite an extended one to judge by his growing popularity.”

VPL Runway Show, Autumn/Winter 2009

NEW YORK, United States — From the moment that I landed here in New York, the mood has been decidedly sombre. I bumped into a buyer from a major London fashion boutique at the baggage carousel at JFK who told me that “nobody is coming” to New York this time from the major UK fashion magazines. Budgets have been completely slashed.

A few hours later, the CEO of a up-and-coming US fashion business predicted that one third of the young designer businesses that have popped up in New York in recent years will go out of business, especially if they are financing themselves through bank loans, which are harder and harder to come by in this tight credit environment.

The next day, another CEO complained to me that boutiques like Georgina in Long Island are dropping like flies or trying to cancel orders at the last minute, unable to finance their operations (and pay their bills), creating daily headaches about how to respond. On top of all this, parties have been canceled, shows have been downscaled and goodie bags are few and far between.

Will the fashion industry ever be the same? Well, I think not. And neither, apparently, does Anna Wintour — at least for the time being.

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