Perhaps one of the biggest shocks to the luxury fashion industry this week was the canceling of Fashion’s Night Out, a four-year tradition that has spread to global markets, consisting of late-night shopping, gifts and celebrity appearances that kicks off Fashion Week in September. According to various reports, FNO was canceled in New York so that brands could focus time and money on their shows instead of entertaining guests at their stores. Whether or not it will be back next year is up in the air.

prada aw13 runwayMeanwhile, the Fashion Week parade continues with Milan’s segment ending this week and Paris’ starting up. Brands are continuing to show their new collections for the fall/winter 2013 shows including Giorgio Armani, Louis Vuitton, Prada, Chanel and Gucci. Men’s and women’s fashion shows are attracting much buzz from designers, bloggers, magazines, editors and fans worldwide.

However, fashion isn’t the only thing being talked about. Reports are surfacing from Bain & Co. stating that superpower China is losing its lust for luxury goods. There have been numerous reports about this before, but it seems as though a voracious appetite for luxury goods is slowing down now more than ever. The slowdown could be caused by a decision by the government outlawing high-end goods to officials. The sales of many high-end jewelry, watch, handbag and briefcases in China have fallen, according to Bain.

However, many brands have been reporting high sales and revenue from the last few quarters – this is especially true for conglomerates that own high-end labels favored by affluent consumers. It should be said that just because Chinese spending is slowing does not mean that it is stopping. In fact, Chinese spending is expected to still carry a great deal of both mainland and tourist spending due to its sheer number of affluent consumers.