Recession? Send In The Fashion Police

Posted In: Credit, Currencies, Dollar, Economy, Energy, Global Economy, Recession, Retail Sector

Hell must have frozen over. Who would have ever thought that fashionistas would be discussing such “mundane” topics as the U.S. economy and recessions— unless, that is, they were involved in the business side of things? Yet, I’ve started to detect some of this chatter in world of fashion. Of course, just the discussion of such issues is reprehensible to some. According to one fashion blogger:

So many writers spend their days viewing society with a cynical magnifying glass — and oftentimes, bloggers are the worst….

I feel overwhelmingly bad about the state of… politics, celebrities, fashion, the world, etc. Instead of rose-colored glasses, I feel like I’m viewing things through black lenses. And goth is not my style.

Whatever you say. But some are actively discussing the prospect of a recession, and its potential impact on the industry. Yesterday, Isabelle O’Carroll wrote in the blog “Catwalk Queen” that:

We’re nearing the end of the fashion season and disgruntled rumblings are already being heard about the clothes. Even from designers such as Prada who usually wear their eccentric hearts on their sleeves the mood has been conservative and dare I say it a little sombre as the spectre of a US recession casts a shadow over the fashion world.

The hype surrounding the so-called ‘credit crunch’ which has led to repossessions and increasing debt in the US has sparked fears of a worldwide recession. The weak dollar has prevented buyers from large stores such as Saks Fifth Avenue and Barneys attending London Fashion Week. “London designers are the icing on the cake,” said Averyl Oates, the fashion director of Harvey Nichols. “And these days no one needs extra icing.”

With the prospect of an economic contraction looming, how have fashion designers responded? By attacking the recession head-on with even more opulent shows and extraordinarily creative designs. You go, girl! According to the Associated Press on February 25:

Luxury brands pulled out the stops in Paris on Monday with creative displays designed to ward off fears of recession that have cast a pall over the retail sector…

Guests including “Cashmere Mafia” star Lucy Liu watched the parade, set in a tent in the Tuileries gardens against a spectacular set of cascading water.

The no-expense-spared bash was Dior’s antidote to a retail climate undermined by fears of a U.S. recession, rising energy prices and a weak dollar.

“When times are tough, the mistake is to throw in the towel,” Dior CEO Sidney Toledano told The Associated Press. “I always use this metaphor: when the kids are not hungry, you have to cook even nicer dishes to stoke their appetite.”

“When times are tough, models grab orange mocha frappuccinos”
YouTube video link

Lauren Goldstein Crowe wrote on February 5 in Condé Nast’s Portfolio.com that:

You’d never know there was a recession looming from looking at the shows. They’ve been more opulent than ever…

Retailers fight recession in a number of ways. But for those at the top of the heap — stores like Bergdorf Goodman or Harvey Nichols — the best plan of attack is to bring in the most special pieces possible. Averyl Oates, the fashion director at Harvey Nichols said that while they are keeping an eye on the number of pieces they buy at the 8,000 pound mark, it is by and large, their lower priced goods that suffer in recession. It’s simply too easy for people to trade down to the high street for their jeans and casual clothes. But once you’ve worn a feather-adorned designer gown, or gold painted coat, or giant fur collared jacket, you’re just not going to be happy at Zara.

Will the fashionistas be able to defeat that menace known as recession? Will the author of this piece ever update his grunge-era wardrobe? Stay tuned…

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