Lanvin A/W '09, courtesy of the New York Times

Two Words for Fall: Toughen Up (New York Times)
The recession could turn out to make designers better.

Do You Want Clothes to Go With That Perfume? (WSJ)
At Rochas, there are now clothes that come with its legendary scent.

Gap boss takes pay cut (Drapers)
“Gap’s chairman and chief executive Glenn Murphy will take a 15% salary cut as part of plans to cut costs.”

Hermès Net Up 0.8 Percent (WWD)
Hermès post steady sales with marginal profit gain. (Subscription required)

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.

Milan's Galleria Vittorio Emanuele II

Russians top Milan’s list of shoppers (IHT)
“Russians are Milan’s largest national group of fashion shoppers, commanding 38 percent of the tax-free pie in 2008, despite their own economic woes back home,” reports IHT.

The GAP Hires Students (Fashionista)
Gap taps RISD students to design cardigans.

Now that the pricing dam has burst (IHT)
“Shopping is becoming a matter of ethics.”

Battling the Downturn: Saks Posts $99M Loss (WWD)
“The pullback in luxury spending, unprecedented markdowns and a sharp slowdown at its iconic New York flagship took a severe toll on Saks Fifth Avenue.” (subscription required)

Nina Ricci Pre fall 2009, courtesy of WWD

Nina Ricci: Theysken’s Beat Goes On (WWD)
Olivier Theyskens will be staying put at Nina Ricci with an “expanded accessories line, particularly handbags.”

Retail Stocks: Sizing Up 2009 (Seeking Alpha)
Seeking Alpha lists the reasons why 2009 will be an ugly year for many brands.

Retail’s winners and losers (Just-Style)
Wal-Mart was a retail winner in 2008, but Gap and Abercrombie & Fitch were amongst the big losers.

Wal-Mart CEO Sees New Consumer Mind-set (WWD)
“The economy will turn around some day — but don’t expect conspicuous consumption to make a comeback.”

Japan’s Fast-Fashion Frenzy (JC Report)
“Japanese consumers have fallen head over heels for cheap clothing and may never turn back.”

McCartney Sets New Tokyo, Paris Stores (WWD)
Although the brand is only seven years old, Stella McCartney has opened new stores in Tokyo and Paris.

The Gap’s Resurgence: Great Start to the Holiday Season (Seeking Alpha)
At Gap, “spending is up significantly” for November 2008 compared to last November.

Retailers Will Find It Hard to Keep Shoppers’ Attention This Year (Seeking Alpha)
Though Black Friday sales were impressive in the US, many analysts think that consumers wouldn’t be able “to sustain their buying frenzy for the duration of the holiday season.”

People lining up to purchase goods at Topshop in Tokyo, photo courtesy of  jcreport.com.