High-end fashion houses selling the most unnecessary of luxury products at outrageous prices: might the collapse of the global economy give them some troubles? Yes, it turns out. Bad troubles.
- Christian Lacroix just went broke. No more "colourful gypsy-themed clothes." The silver lining: the company never made a profit even in good times.
- Versace is forcing out its CEO after he pissed off Donatella by urging her to simplify her designs so the company could cut costs. "Arguing rationally about money" turns out to not be a skill that Donatella Versace has developed over the course of her career.
- More dramatic happenings at Halston, the iconic 70s brand overseen by fashion plate Harvey Weinstein: the last creative director was booted for not being sexy enough. Now the company has brought it Mario Schwab, "said to be responsible for the body-con trend that is now so huge" among people who know about fashion, apparently. He promises to make Halston exciting again, for people who like clothes. Don't forget to make money, too!