As the big three U.S. automakers await to hear their fate on a requested bailout from the U.S. government and Citigroup teeters on the verge of bankruptcy, it now seems that the fall of Lehman Brothers, Bear Stearns and other corporate casualities was just the beginning of what is likely to be a global economic meltdown of epic proportions.

With this as the backdrop, a reader recently wrote in to ask about the prospects for aspiring job seekers in the fashion industry more generally. Others have been wondering how some of the emerging businesses that have come to the fore in recent years are faring.

The short answer to both questions is that things are extremely tough out there, but there is always opportunity for innovators.

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Yesterday at Phillip Lim I heard a videographer complaining "There’s no one here, and whenever someone does show up, they bring them out at the last minute so I can’t shoot them."

Many fashion brands may have been built on the dreams created by out-of-this world haute couture collections, but today, for many brands, this desire is built on the image of celebrity, which can arguably reach more people than the Haute Couture shows ever will. Celebrity is the new Haute Couture. Or, better said, celebrity now plays the dream-weaving and marketing role that Haute Couture has played in the past.

However, in a week when the front rows were supposed to be dripping with celebrities, the paparazzi at New York’s fashion shows were left wanting. Yes, pop star Rihanna made several appearances, as did Angie Harmon, but it seemed the biggest A-list stars had given New York Fashion Week a wide berth.

Until yesterday.

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In the heart of New York’s garment district in the same building on 39th Street, two of the city’s most exciting young talents have been busy putting together the collections that they unveiled on Sunday. And, what a great showing for both Peter Som and Phillip Lim, who both delivered what their many fans were expecting…and more.

Peter, of course, has just sold a significant stake of his business to retail private equity house NRDC and has been confirmed as creative director of his alma mater house Bill Blass.

This was his finest collection yet and one of the strongest of the entire New York collections, having perfected that fine balance for his clients who move fluidly from uptown socialite events in the day to downtown parties at night. Tinsley Mortimer, the socialite of young socialites, was sitting right in front of me and was explaining to the media hordes why she integrates Peter Som into her wardrobe. He’s got his finger on the pulse of what these young women want and it was clear from all the excited whispering in the front row that this collection is going to sell like hotcakes.
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