Last Friday saw the beginning of one of the biggest events on the fashion calendar, London Fashion Week. However, the fashion industry is in dire straits, thanks to the recession, which has seen the collapse of many major fashion houses across the world.
Big names such as Escada and Luella Bartley have gone bust and the tragic death of Alexander McQueen only ten days ago has sparked a major cloud over such an established and glamorous event. Fashion designer McQueen was found dead in his flat on Thursday 11th February, with suicide the apparent cause of his untimely demise. An inquest has already opened into his death, and liabilities of around £32million could well be found as a main cause for his suicide. McQueen’s amazing fashion designs may have dazzled many for over a decade, but if his perilous financial state is eventually confirmed, then his legacy could sadly be tarnished by crippling debt. For the short-term at least, he shall be remembered for the crazy designs which were worn by many, including Lady Gaga, who paid an emotional tribute to McQueen at last Tuesday’s BRIT awards. Her emotion when collected her three awards showed how much she had been affected by the death.
Other fashion houses have already disappeared from the eyes of many in the public in the last 18 months, largely due to the recession. People may think that MFI and Woolworths were the two biggest names to have been dissolved by the credit crunch, but those who are linked into the fashion industry would soundly disagree. The French fashion house, Christian Lacroix is probably the biggest name to have gone bust. It collapsed last year and although it was seen as a flamboyant and extravagant house, it never actually turned over a profit, reporting losses of between £5million & £10million before the start of the credit crunch. Another name that disappeared and sadly missed is Hardy Amles. Set-up way back in 1946 by Edwin Hardy Amles, his chain designed dresses for the dearly missed Diana, Princess of Wales and the strip for England’s 1966 World Cup football success. However, in 2008 it went bust, and just twelve months later, so did Luella Bartley, which was the outlet often, in use by singer Lily Allen and Kate Moss. Luella Bartley only started trading business at the turn of the millennium, but its longevity didn’t matter when its main investor withdrew financial backing, possibly aware of the problems the UK was about to suffer. Bartley was highly recommended and was gaining a decent reputation in the British fashion industry, so her demise sent a ripple of shock and dismay through the whole industry.
London Fashion Week is bound to forget its troubles briefly for the coming days, as it will play hosts to outrageous designs and gorgeous models, but for how long is it going to remain glamorous and successful to the naked eye of the general public. It is quite clear that the fashion industry has been severely dented by money trouble, just how long can it continue to be a driving success…it is unknown.
Alexander McQueen, you will be missed by everyone, RIP.
