Olivier Theyskens and Lily Donaldson at the conclusion of Nina Ricci A/W 2009

Theyskens, Ricci Part Ways (WWD)
“Olivier Theyskens and Nina Ricci are officially divorced.”

Fashion Deflation (Forbes)
In anticipation of consumers’ budget cuts, expect lower prices from designers and retailers.

H&M unveils full concept store in Moscow (Fibre2Fashion)
Despite the global recession, H&M opens up shop in Moscow.

London retail sales hold up (Drapers)
“London retail sales rose 5.9% on a like-for-like basis in February outperforming the rest of the UK, which recorded a 1.8% fall in like-for-like sales over the month.”

Balmain A/W 2009, courtesy of Style.com

PARIS, France — I’m in Paris for the collections, after sitting last season out. It’s funny the way everything looks different when you’re actually here.

Take Balmain, for instance. I assumed, from what I read in the press after last season’s showing by designer Christophe Decarnin, that it was the collection du jour; the one that everyone adored, adored, adored. It turns out that well, this is not really the case.

The talk amongst the fashion intelligentsia before and after the show centered around one key point – and that point was not: “Isn’t Decarnin a genius?”, but rather “Who can actually buy this stuff?”

What I knew of Balmain was summed up in the Michael Jackson Thriller jacket (short, sparkly, superlative shoulders) and ripped jeans look that I assumed everyone in Paris would be wearing. The house is credited with kicking off the most recent 1980s revival trend.

The Balmain collection shown yesterday was nothing if not 1980s. The dresses were short, sparkly and strapless. The trousers were billowing and, left open down the front, bizarre. The only look of note — and probably the one you’ll see in most wrap-ups — was the last. The white sparkly jacket with strong shoulders and distressed jeans was a subtle evolution of last season’s one hit wonder.

Except that, in the real world, the collection isn’t a one hit wonder at all. One buyer told me that it sells out before it hits the selling floor. Customers are emailing photos from the internet and requesting pieces. Another said they’re getting 95 percent sell-throughs. No one cares one bit that the current collection has very little to do with the brand’s history. (A note to other designers attempting a revival.)

So who is buying this stuff then? All I could think was that the hedge fund fathers haven’t had the gumption to their daughters that the free-spending days are over. Certainly not many born before 1985 would, or could, wear this stuff.

Marco Zanini, the former designer from Halston, showed his first collection for Rochas this week. The house had been on a three season hiatus after dismissing Olivier Theyskens. The lovely collection, produced by Gibo and owned by Procter and Gamble, provided a redemption of sorts for Zanini. It was pretty, and perfectly formed.

The PR took pains to say Zanini did not revisit the archives – he simply thought about what the house meant to him. It made me wonder what was going on behind the scenes at Halston for his only collection there to have been so bland.

As for Theyskens, he is, for now at least, designing Nina Ricci. Many editors I spoke to thought the collection was a poke in the eye of the brand’s owners, the Spanish cosmetics company, Puig. It was meticulous in its construction, but absolutely unwearable – a point he underlined by putting the girls on the most absurd platform, heel-less shoes we’ve seen thus far.

Some loved it, some hated it. Most seemed to think it was his swan song. Rumours abound that Theyskens has already been fired.

Lauren Goldstein Crowe is our Friday columnist and co-author of a book on Jimmy Choo to be published by Bloomsbury later this year.

YSL Autumn/Winter 1966-1967 and Yves Saint Laurent with Betty Catroux and Loulou de la Falaise, courtesy of YSL

In the Black, YSL Plots Ambitious Growth (WWD)
“While the global economic crisis has thrown many high-flying luxury brands into a tailspin, operating under trying circumstances is old hat for the folks at Yves Saint.” (Subscription required)

Rumors Swirl: Is Fall 2009 Olivier Theyskens’ Last Collection for Nina Ricci? (WSJ)
“Since Mr. Theyskens arrived at Nina Ricci in 2006, he has been hailed as a genius by critics. But perhaps in these tough economic times, genius isn’t enough.”

February retail sales crash (Drapers)
In the UK, “like-for-like fashion sales fell by 9.7% in February according to BDO Stoy Hayward’s Like-for-Like Club.”

Retail Sales Show Signs of Life (WSJ)
Americans have started spending again – at discount stores like Wal-Mart.

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.”