Change Clothes

Last December, the designer Marc Jacobs held his annual holiday party for 800 guests, including revelers from Vogue, W, and Harper’s Bazaar, in the Rainbow Room at Rockefeller Center.

Mr. Jacobs has held the party for each of the last 18 years, but on Nov. 4, a short e-mail message was sent out by his business partner, Robert Duffy: “Due to the financial climate, I had to make the decision to cancel the 2008 holiday party.” - NYTimes.com

[luxury brands had pretty much held their own during this economic crisis. when there’s no more excess, you know we’re going down deeper into a hole.]