Beth Ditto magazine cover, courtesy of LOVE

LONDON, United Kingdom — With the economy in the doldrums and the raging debate about “how long this will last” in full throttle, we have been distracted from the creative heart that is the fashion industry.

Thank goodness for Katie Grand, Todd Lynn and Christopher Kane.

In a recent interview with Ponystep about the launch of LOVE magazine, Grand reveals herself to be true to her creative sensibilities, especially given the emotional depth with which she approaches her magazine projects. She’s candid about her widely-publicised departure from POP, a magazine she created more than eight years ago, billed as “the world’s first superglossy.”

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LONDON, United Kingdom and NEW YORK, United States - Are London fashionistas living in a bubble?

There was no sign of global economic turmoil last night as party-goers let loose after a busy day of shows during an even busier night of events. Following strong showings by Giles and Christopher Kane, there was the opening of the fabulous new Dunhill flagship (see here for our review of the sister store in Tokyo), an exhibition of stunning fashion photography by Mary McCartney, and the biggest party of London Fashion Week hosted by Giles Deacon and Swarovski (with a huge Giles cartoon ghost made completely of flowers, pictured above).

The mood is certainly more sombre across the pond in New York. And, if there was any remaining doubt as to whether the U.S.A. is entering (or is already in) a recession, that doubt has been erased just as quickly as the market capitalisation of some of the world’s most famous investment banks.

So, while many expert observers don’t know what is going to happen next, The Business of Fashion caught up with noted futurist Faith Popcorn of the Faith Popcorn Brain Reserve to get the lowdown on ‘recession culture’, coping with the downturn, and the winners and losers.

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Everyone is packing up and leaving for Milan, but our thoughts are still on a strong London Fashion Week, albeit one without the major American buyers who have stayed away due to the rise of the pound — or more accurately, the fall of the dollar. We liked the bold graphism of Duro Olowu, the long (but apparently unwalkable) silhouette of Marios Schwab, the fuzzy prints at Erdem, and the spaceage knits of Louise Goldin.

But our  highlight again was Christopher Kane, a man continues to live up to the very high expectations placed on him by an industry desperate to find London’s next great designer — someone in the league of Alexander McQueen, John Galliano, and Vivienne Westwood.

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As I looked out on the waiting crowd for Giles Deacon’s show last evening, there was something special in the air. Where else could you see wunderkind Gareth Pugh nestled next to Italian eccentric Anna Piaggi and Vogue’s Hamish Bowles and a raft of other notable fashion names, all crammed into a tiny space in a small schoolhouse waiting for a fashion show to start? No New York designer of similar repute would even think of forcing the fashion A-list into this cramped setting. But then again, the fashion A-list probably wouldn’t even bother turning up to a show in a similarly  uncomfortable setting for a New York designer.

London fashion is officially hot again.  And, this time it’s not just hype. Many of the New York collections were well-executed and wearable, but they were limited in terms of new ideas and came off feeling a bit flat. London has thrown this flatness into sharp relief. There has been a renewed sense of confidence about fashion in London this week, yet there could be a lot more reflection on why things haven’t worked out for London in the past after other short-lived periods of creative renaissance — and a great deal of this has to do with the business of fashion, not the creative side.

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The Business of Fashion is getting a lot of play of late. At the recent CFDA/Fashion Fund awards in November, Marc Jacobs spoke at length about the ups and downs (and downs) of starting a new fashion business. Many young designers rush into setting up a business, attracted by the perceived glamour and fun that is associated with the fashion industry. There are wonderful fairy tale stories of young talented designers graduating from St Martins or Parsons and then going off to achieve fame and fortune. The stories we hear less of are those that describe all of the failed companies and dashed hopes that are the cruel reality of this industry. I am glad that Marc shared his stories with some of the upcoming stars of American fashion who were in the audience, including Doo.Ri Chung, Proenza Schouler and Peter Som.

One of the most common questions I am asked by designers who have just come out of fashion school (at both the bachelor’s and master’s level) is: “Should I start my own business or should I go work for a big fashion house?”. The truth is, the right answer depends on you and your aims. In our first article on the Business of Fashion Basics, we will pose the questions that you need to ask yourself – so you can make the right decision.

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He Kaned it.

Christopher Kane, who only hit the London Fashion Week radar one year ago after winning the best collection award from Harrod’s during the St Martins MA graduate show in February, that is. His collection was a true tour de force, hitting all the right notes, and that included the music from his show going from soft Sunday afternoon in the park to a sexy club on a cheeky Thursday night. How could anyone make golf ball size swarvoski crystals work? Christopher Kane did.

I watched the video here: Christopher Kane, Autumn/Winter 2007.

Here are some photos I took at his graduate collection show last year.