New York Magazine looks on the sunny side:
This is a good morning indeed, because the couture shows start today in Paris. And, with it, news outlets are asking the obvious question: Are $50,000 dresses relevant or just downright inappropriate in a time of record unemployment and global financial distress? Naturally, fashion houses called upon to answer this question said couture is more relevant than ever. The president of Chanel cited record couture sales in 2008; the president of Gaultier said sales were “unscathed” in 2008; the president of Givenchy said sales soared 80 percent in 2008; and the president of Valentino said 2008 marked the house’s best performance ever in terms of couture sales. However, that was 2008. This year all those presidents expect sales to slip. – from NYMag
And Reuters reports:
Louis Vuitton’s trading in the American market has been “resilient”, the head of French luxury group LVMH said on Monday. Speaking on the sidelines of a Dior fashion show in Paris, LVMH CEO Bernard Arnault told Reuters Louis Vuitton’s business performance had been helped by the fact that it had not resorted to discount sales.