Finally, some good news!

Hermes, first stop when looking for gorgeous leather bags, sumptuous silk scarves, and beautifully made riding hats (should the need arise), is apparently not feeling the pinch at all: its share price has risen by almost 16 per cent in 2008, and predicts that its sales will increase by about 10 per cent in 2009.

Must be thanks to the Birkin waiting list, and Posh's personal collection.

and in other depressing news:

LVMH, the world's biggest luxury conglomorate, has binned plans for a new Louis Vuitton megastore, which was to be opened in Tokyo's Ginza district. While it has been predicted that profits in the £165 billion global luxury market should resist going into freefall for the moment, LVMH share values are in decline, with the conglomorate's shares dropping by 44 per cent in 2008.

We thought the 1980s was the time when self-interest reigned supreme: apparently not. There are those in the trade who believe the future of the industry is looking bleak, and that a decade of greed and easy money is to blame. Alain Nemarq, chairman of prestige jewellery firm Mauboussin, said that luxury brands were seduced by the notion that, when it came to prices and profit margins, the sky was the limit: “The pursuit of exclusive trophies ... is finished,” he wrote in Le Figaro last week. “We will now return to reason, decency and discretion.”

even more bad news for chanel...

The global recession seems to be kicking the French marque de grand luxe while it's down, with the house showing 200 of its Paris staff the door. Le Parisien newspaper reports “In the little world of luxury goods, the news has had the impact of a bombshell”.

Up until recently, high-end fashion labels have claimed to be weathering the storm, attributing their success to continuing demand for luxury products from China, Russia, and other emerging economic powers.

But it would appear that the honeymoon is finally over, with even the nouveaux riches steering clearing of Paris' 'golden triangle' boutiques, located off the Champs Élysées. Equivalent high-end fashion locations in New York and London have been similarly deserted, and business in Japan has hit a new low.

Looks like Chanel might have to tighten the belt further still in coming months.

give me 2.55!

... or not. the credit crunch has claimed its latest victim: Chanel's Mobile Art tour. The brainchild of Karl Lagerfeld, this was a touring exhibition of artworks inspired by the design house's iconic 2.55 bag, with Daniel Buren, Sylvie Fleury, Yoko Ono and Wim Delvoye all contributing.

The exhibition, which is housed in a space-age-inspired structure designed by architectural darling Zaha Hadid, made it to Hong Kong, Tokyo and New York, but the tour has faltered before reaching London.

A spokeswoman for Chanel has stated to WWD "Considering the current economic crisis, we decided it was best to stop the project. We will [instead] be concentrating on strategic growth investments."

Despite this setback, Lagerfeld remains unfazed: "Today, everyone can say that something is for financial reasons when they want. For me, artistic reasons are more important. I always thought the building was a sculpture. I prefer it empty."

Luckily for the designer it looks like every bag does have a silver lining. Having said this, the whole financial crisis is getting very boring; does it really have to ruin all our fun? Not impressed.

runway review: af vandevorst s/s 09

There was a distinct lack of colour on the runway for af vandevorst's spring/summer 2009 show. This is not to say that it was overly missed, nor that the collection was bland, or relentlessly greyscale. It was just something that you noticed.

But what the collection lacked in bright hues, it made up for in simple, chic style. Crisp white shirts, tailored waistcoats, lingerie-inspired outerwear - An Vandevorst and Filip Arickx did not deviate from what they know they excel at.

Ladylike lace, prim collars and girlish white dresses were offset by tousled locks and red lips that would put Jessica Rabbit to shame. Other gorgeous details included an asymmetrical skirt that managed to be both tutu and tennis skirt, kimono sleeves that provided just the right amount of volume at the elbow, and a forest-green draped wrap top and skirt that provided the perfect foil for the red hues of lips and heels. Grey hoisery featured throughout, in various guises, and was the perfect antidote to the purely feminine styling.

There were a few questionable choices: deep orange looks seemed somewhat unanchored amidst the greys and greens, and the white leggings with floral cut-outs and over-use of floral-printed satin were a bit mid-90s - we all adore Clueless, but sartorially-speaking it is less than spectacular.

These things aside, however, it was another pleasing offering from the Belgian duo.

recession is the new black at paul smith

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next season's ultimate recession accessory

pastel headgear at giles. let pacman be your muse.