The record drop in the DOW after the collapse of the bailout plan in Washington was particularly harmful to apparel and retail stocks as fears over the economic turmoil turned to concern over how dramatic drops in consumer confidence will impact holiday spending. On the bright side “It definitely will impact the spending habits of an aspirational consumer, and by that I mean someone who will buy at an opening price point of a luxury brand to be in it” says Jeffry Aronsson. Though its clearly already impacting the cheap chic shoppers as H&M had a disappointing 3rd quarter. But so far the truly expensive is still doing quite well as Balenciaga is having a banner year with nearly every runway garment they have sold out in pre-sales. Let's hope that Balenciaga CEO Isabelle Guichot doesn't get caught up on Gucci Group's notorious politics shall we? And if worse comes to worse there is still plenty of money in the Middle East, just ask Lanvin who is in talks with a Qatar based investor. This must be our addiction to romance that is making all this happen right?
Christie's has unveiled the highlights of the forthcoming Yves Saint Laurent and Pierre Berge art sale which has some 700 pieces on offer estimated to fetch up to $440 million.
Someone started a shoe only channel called Shoetube.tv. Really we aren't lying.
And the one piece of good news we could find this morning? Our beloved Adam Lippes is opening a pop up store in our favorite underated American city of Buffalo.