Karl Lagerfeld came to the defense of luxury in a time of economic crisis, criticizing ratings agencies and rejecting a climate of “general gloominess”.
Lagerfeld, head designer at Chanel for nearly 30 years, made his comments on the sidelines of the “Paris–Bombay” Chanel show at the Grand Palais in Paris. The pre-fall collection is inspired by the jewels, colors, and fabrics of India
He defended the fashion industry for its importance to the French economy and as a provider of many jobs.
As for the ratings agencies, the day that Standard and Poor’s warned it could downgrade 15 European countries, including France, Lagerfeld quipped: “Who put them in a position to give A’s?”
Chanel created for its show the luxurious palace of an Indian maharajah as the backdrop for its “anti-gloom” ready-to-wear collection.
Lagerfeld described the collection as “very elaborate, a lot more expensive than the normal ready-to-wear,” evoking the fantasy of India.
For the German-born designer, periods of economic crisis have no influence on creation. Besides, he added, there was “a lot more panic in 2008 than today.”