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  • October 27, 2008 2:51 PM
  • News

A Day Late and $1Billion Short: Culture Fails to Catch Up With The Markets

late1027.jpgMuch as how hi-gloss business magazine Portfolio featured Dov Charney of American Apparel on its cover the week the market imploded, fashion businesses and associated cultural flotsam have had a difficult time adjusting for the new consumer environment. While "Rescessionista" has quickly become a catchword, it seems designers like Versace and Tom Ford are stuck in the very different world of six months ago given the products they just released this week. Similarly, production may have wrapped on the Isla Fisher vehicle Confessions of a Shopaholic only a couple of months ago, but the conspicuous consumption subject of the film is already antiquated. Add to the list of out-of-step outlets the popular shopping site, Bag, Borrow or Steal. In this economy, the name for the discount online fashion portal is pitch perfect—little wonder then that the site's owners have switched the name to Avelle.com, hoping to lure in new luxury shoppers. We hope they'll let us know if they find any.

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