She sashays down the runway, silk billowing around her body. The music vibrates through the air and surrounds her. Each step she takes is as graceful as the last; her body seems to float down the path. The fabrics melt into the floor. You’re in awe and peer at those special enough to be placed in the front row. Celebrities, editors, designers and the beautiful people. Yet they’re not watching, they are not mesmerised, their heads are down.
This was the scene at the recent Fashion Week in New York. Three editors from Vogue, the quintessential bible of fashion, and people we expect to deliver the reviews of such a week, were not watching. Not out of boredom but fear. Each editor was glued to their BlackBerrys to watch the Dow plunge 777 points.
Fashion is among one of the first industries to be affected by the economy. This was clear at the September fashion parades. With runway shows costing over $100,000 designers are feeling the pinch. For the first time we saw designers desperately attempting to cut costs where they could. Volunteer models were used to walk the catwalk and some shows were staged outside the Bryant Park tents, which cost around $25,000 to $50,000 to rent.
“Sponsorship [has] dried up,” says Fashion Week veteran Araks Yeramyan the designer of the ready to wear collection Araks. Many fashion companies and designers now must pay for the alcohol, catering, make up and hair styling for runway shows, as they no longer receive any funding. Yet, despite the rising costs many designers can’t afford to not have a show at Fashion Week. “It’s an investment in brand awareness,” says Mara Hoffman best known for creating some dresses for Sex and the City. Designers just couldn’t afford the media exposure that Fashion Week offers. This is a risk facing many designers now when considering a show. To possibly put their business in jeopardy due to the rising cost of a fashion show or to not do one and fall off the fashion radar.
What is happening in America is starting to happen on home soil. The Australian fashion industry is likely to suffer. NRMA fashion design award winner Lisa Brown says, “All Australian made designs will suffer, the pricing of fabrics and the costs producing here are more expensive and additionally, our dollar is suffering.” The effects of the US financial crisis are already being felt for many designers, “My silk buyer just told me to expect the prices to go up immediately which will be hard on my designs and sales,” says Brown.
The NSW Government has been trying to aid the industry though. The NSW Government has been supporting the Rosemount Australian Fashion Week and will continue to until 2010 with a $1.25 million sponsorship. Yet Brown feels this will not be enough, “The main problem is buyers are going to be cutting back on orders due to the pressures they are facing, including their rent going up, which will affect designer’s sales and our ability to create ranges. It will be hard.”
Since the September fashion shows in New York, fashion sales have been close to a standstill. The September issue of American Vogue had the title ‘Value Conscious Chic, When to spend and when to save’ sprawled across the cover. “Buyers are definitely skittish and price conscious,” says designer Rebecca Taylor. But really aren’t the ones able to afford the luxury brands still going to keep buying? Yes they will, but this is only a select few. This creates a small group each design house is competing for.
Pam Danzinger, CEO of Unity Marketing, a company that tracks luxury consumers and their purchases, says there has been a sharp drop in the average amount spent and confidence in spending compared to last year. “They’re spending less because they don’t feel as confident…..these people could buy a $3,000 handbag but they’re resistant to spending so much because they don’t feel as flush as a year ago,” she says.
The designers believe luxury consumers will not be purchasing as frequently. The media is abuzz however, saying when these consumers do buy; it will be for timeless classics. As Christina Binkley of The Wall Street Journal says, “clothing that will survive trends and frequent dry-cleaning.” The Sydney Morning Herald reports that investment dressing is fast becoming the new black. The September issue of the America Harper’s Bazaar highlighted the article “How to recession-proof your wardrobe,” with the cut line “Gucci or Gas.” You know it time to worry when fashion magazines are advising against shopping.
It is predicted that large established brands will be able to survive the economic storm but young designers are at high risk. However, some disagree. Fern Mallis, senior vice president of OMG Fashion (which organises Mercedes-Benz Fashion Week) believes the economic woes may help young designers this season. Many retailers are looking for something new and a way to differentiate themselves to attract customers to their store. In addition, young designers are affordable to retailers and to the public.
As in the past, the economic crisis looks to be affecting fashion trends. During The Great Depression fashion became more conservative and solid and we will now see the fashions become tailored and classic. “Whenever the economy gets tough, fashion responds by playing it safe,” says Jim Moore Creative Director of GQ. At the Paris Fashion Week this year, the Miu Miu collection was clearly taking influence from the financial crisis. Designer Miuccua Prada used a fabric that resembled Hessian, which has not been this big since The Great Depression.
The Sydney Morning Herald reported at the Paris shows there were more classic then elaborate collections. Pencil skirts, tuxedo jackets, blazers, tailored pants and classic white shirts were a regular down the catwalks. It was the same at the Milan shows, designers choosing classic looks as they can endure economic downturns. Some of the designers embracing this classic trend are Burberry, Gucci and Prada. This belief is being reflected at home too. Many local designers are buying into the classics. Lisa Ho has tailored trousers, blazers and silk sheaths in her new range; Sportscraft is displaying tailored sheaths and shirt dresses while Country Road has simple sheath dresses.
“I don’t think it’s as exciting as other seasons,” says Alexander Shulman editor in chief of British Vogue. “On the whole most of the designers here have kind of stuck to what they know they can do and not really tried anything that’s going to scare the horses,” Shulman says. The heavily beaded and sequined look is over says Cindi Leive, editor of Glamour. “There’s been a turn away from the extreme, in your in-your-face, over- opulence, when the whole point of an outfit was to say ‘I’ve got more money then you can shake a stick at’,” says Leive.
Expect next season to embrace the financial restraints and feature a dark palette and severe silhouette. New fashions won’t be stuck in a reserved state. Even though fashion appears to be resorting back to the safe classics it’s important to remember that grunge and minimalism were born in the recession of the early 90’s. We maybe should be expecting a radical change of clothes as Moore believes that in an economic crisis, “influential designers want to break away and shake up the industry.”
So should we be scared? Well we are now seeing US Vogue Editor Anna Wintour recycling clothes and adopting a strict sheath and skirt suit dress code, while in the recent October issue of the Australian Vogue, Kirstie Clements was highlighting the benefits of purchasing a lipstick over spending big on fashion. So what do those lucky enough to be in the front row of these fashion shows advice? Vivienne Westwood wisely said to the crowd, “Do it yourself!”
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