Hermès Canton Road | Source: B on brand

Behind the brands (China Daily)
“A survey confirms China’s luxury goods buyers are young and keen on pampering themselves.Gan Tian reports… The focus of this year’s survey is in line with China’s luxury industry profile, where the majorityof buyers are aged between 20 and 30 – significantly younger than their counterparts inWestern countries or nearby Japan.”

Mulberry profits boosted by overseas growth (Reuters)
“British luxury fashion brand Mulberry said its first-half profit more than trebled, boosted by global expansion, and said it was cautiously optimistic about the future while acknowledging the challenging macroeconomic climate. The company, which designs, manufactures and sells leather goods and accessories, posted pretax profit of 15.6 million pounds in the six months to Sept 30, up 231 percent.”

The CFDA Refuses to Shorten New York Fashion Week (The Cut)
“The CFDA has agreed to move New York Fashion Week back a week for September 2012 (to run from September 6 to September 13), and also start on the second Thursday in September in 2013 and 2014, as Milan requested. However, it rejected Milan’s demand to shorten New York Fashion Week.”

Facebook Fashion Index Ranks Brands by ‘Likes’ (WWD)
“When it comes to getting ‘likes’ on Facebook, Converse is a pro. In November, Converse continued to hold the number-one spot among fashion brands in Facebook “likes,” at 20,985,796, up 0.38 percent from October. Coming in at number two was Adidas, which had 11,397,425 “likes,” up 0.86 percent from October, according to a survey on Stylophane.com.”

Ohne Titel Stands Alone (Interview)
“Flora Gill and Alexa Adams of Ecco Domani Award-winning womenswear line Ohne Titel have always wanted to showcase their structured high-impact garments in an environment that echoes their strong look. Hence their excitement when New York-based arts and culture nonprofit BOFFO selected them to participate in its second annual Building Fashion Project. “

L-R Ohne Titel, Rodarte, Vera Wang | Source: Style.com

The Volume Stays Up (NY Times)
“There seems to be no escape from the orgy of prints and color consuming the runways. It continued on Tuesday at Rodarte and Vera Wang, with runny floral patterns. It struck on Monday with ice-cream pastels at Preen, tribal prints at Donna Karan and blazing red at Ohne Titel… But if you look at many of the prints that have appeared this week, and the way they were handled, you don’t find that human dimension of wit and vulnerability. They don’t make you smile.”

Style as Seen Through Rose-Colored iPhone App (WSJ)
“Fashion enthusiasts—an image-obsessed group—are enamored with how Instagram turns a low-quality image into a moody composition. At the tents in New York this week, editors, bloggers and publicity people are donning Instagram’s digital rose-colored glasses and uploading images by the thousands, to the chagrin of some professional photographers.”

PPR confirms eyeing Brioni (Reuters)
“French retail and luxury group PPR confirmed it was in talks to acquire family-owned Italian tailor Brioni and added there was a risk the recent drying up of the debt market could affect the disposal of its mail order business Redcats… The deal this summer carried a price tag of about 350 million euros ($480 million)… If it went ahead, the acquisition would allow PPR to make progress on its pledge to strengthen its position in the luxury market and get out of retail.”

Rising cost of clothes could signal end to ‘cheap chic’ (Guardian)
“The days of “cheap chic” and throwaway fashion could be numbered, because the cost of clothes is rising at its fastest rate for nearly 15 years. The “fast fashion” trend, where T-shirts sell for £2 and jeans are priced at less than a fiver in supermarkets, is being battered by big increases in the cost of cotton, labour and transport.”

A Duo Clashes for Fashion (WSJ)
“Messrs. Hernandez and McCollough, both 33 years old, are considered leaders of a new school of designers in their 20s and 30s representing the next generation of big American fashion designers. This new breed is known for its willingness to experiment with fabrics and its ability to reinterpret classic designs for a contemporary audience.”

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.

For a couple of years now, a shift has been going on in the way that consumers buy and this has now been dramatically accelerated by the economic crisis, which seems to get worse and worse by the day. Even Anna Wintour has spoken out today to the Wall Street Journal, saying “Right now, what’s going to work is something their customer doesn’t have in her closet and that has a real intrinsic sense of value…Because to be honest there’s been too much product, too much copy-catting, and, probably too much consumerism. I think a sense of clarity, a sense leveling off and a sense of reality is needed.”

This is something we have been saying on The Business of Fashion for over a year now. But that fact that Wintour is now joining the chorus of people commenting on the fact that looking “overly flashy, overly glitzy, too Dubai” is just not going to work anymore, says a lot for a woman whose job it’s been to attract advertisers to flog exactly these kinds of products.

So, how are the designers responding to all of this doom and gloom and changing consumer requirements? So far, it seems they are either going dark and moody with a preponderance of black (which never goes out of style) or injections of colour — providing a bit of optimism to counter all of the off-runway chatter about the economic meltdown.

At Ohne Titel, Camilla Staerk and Alexander Wang, where Sarah Jessica Parker and Top Shop boss Phillip Green were spotted taking in Wang’s cool rock chick vibe which had buyers cooing, black looks dominated the runway.

At VPL, models traipsed out in layers of yellow and blue, past a provocative photo installation which seemed emblematic of the ‘fake’ beauty of the boomtimes, but the requisite black was also there, just in case. Colours were also prominent at today’s strong showing from Preen, where a series of textured black looks were followed by vibrant shades of yellow, and then, eye-catching cut out dresses in a kaleidoscope of colours.

More to come from New York as the week progresses. I’m expecting more black, more colour and more commentary from industry insiders grappling with the state of the fashion business today.