The first model to walk the runway during Japan Fashion Week strutted her stuff in the nude. She was also a robot — a high-tech gimmick in a fashion world struggling to retain attention as the global economy staggers through recession.
With Japan sinking into its worst economic slump in the postwar era, demand for expensive haute couture is being replaced by a need for clothes for real people, said Richard Collasse, president of Chanel K.K. in Japan. The five designers at the opening show with the computerized catwalk robot were chosen for commercial potential as well as creativity, he said.
Spending on luxury goods is expected to decline as much as 7 percent in 2009, according to a study by market research company Bain & Co. The slump is disproportionately affecting high-worth consumers, Bain said, because many of their assets are in equities. The value of stocks globally has plunged by more than $30 trillion since a 2007 peak.