Economic downturns are hitting the retail industry hard and high-profile fashion events like Mercedes-Benz Fashion Week in New York are suffering the consequences of this cash-poor climate. Top designers like Vera Wang, Betsey Johnson and Carmen Marc Valvo have pulled out from showing in the tents at Bryant Park this coming February, according to the Wall Street Journal. “The fashion industry is being hit hard by the pullback in consumer spending this holiday season. Some designers say the cost of the show (up to $500,000) has become prohibitive at a time when fewer retailers and media are expected to attend,” according to the newspaper. Stay tuned as ESSENCE.com gears up for fall 2009 fashion coverage during New York Fashion Week.-QS
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