Loading ...
« Laugh Of The Day – Vintage Style | Home | Fabulous Fashion Scoop »
Holiday Cutbacks in Fashion
By admins | December 9, 2008
The holiday season is usually a time of gluttony for the fashion industry, from Black Friday, to Christmas bonuses, culminating in elaborate holiday parties. This year, however, things are decidedly different. The economic crisis has put a damper on the festive holiday season and our industry is feeling the burn.
Fashion companies have started by making smaller cutbacks like: no more first class flights overseas, forget the car service when working late, no more extravagant sample shopping, and staying at 5 star hotels while traveling is out of the question (Yeah, we know many of us never even got that to begin with). Many companies are also cancelling the annual corporate holiday party this year. Lacoste’s CEO said, “It’s symbolic and sends the right message in difficult times.” We don’t necessarily agree that cancelling the party is helpful, if anything, this is the time to say thanks to your employees that have no doubt been working extra long and hard to make up for slowing sales and for whom a free meal and open bar plus a little appreciation mean a lot in these tight economic times.
At other companies things are even more grim, layoffs and even bankruptcies are looming on the horizon. Unemployment is rising and in an industry already so competitive for jobs, nabbing one now is a long shot. Then there is the question of our fashion week, will this too be a victim of the recession? Valentino just announced that they will not show during Paris or Milan Fashion Week, but instead, will hold commercial appointments only. Designer Marc Bouwer is planning a webcast in February rather than show at New York’s Fashion Week. Will more designers follow suit? With a Bryant Park fashion show costing six figures, we wouldn’t be surprised to see a smaller roster of names next year.
So let us know if you’re feeling the crunch and what your company is doing to cut back on expenses this season. And we’re wishing all of you, big fat bonuses, and a new pair of Louboutins to dance in the New Year.
Here is more related scoop;
Topics: designers, economy, fashion, fashion industry, fashion shows, holiday | 3 Comments » 
Email This Post
December 9th, 2008 at 3:02 am
[...] admin . Excerpt: The holiday season is usually a time of gluttony for the fashion industry, from Black Friday, to Christmas bonuses, culminating in elaborate holiday parties. This year however, things are decidedly different. The economic crisis has put … [...]
December 9th, 2008 at 12:44 pm
why not just do a low brow holiday party for employees? it’s so grinch to totally nix the party. but i guess keggers and fashion don’t really mix?!
December 9th, 2008 at 4:19 pm
Well my company has starting letting a few people go, I’m pretty sure I’m safe but its such an uncertain feeling around here that I’m ready to look for something new! If possible.