The woman who scared Fashion editorial assistants all across the island of Manhattan with her love of designer labels, severe bob, and the ability to make or break the careers of up and coming designers and editorial assistants, is not immune to the effects of this Recession. Yes, even Anna Wintour, editor in chief of Vogue Magazine needs to cut back this year.
Wintour’s annual Costume Institute Gala is only one month away, but many fashion labels are not coughing up the money that they used to. Considering that sponsoring entire tables cost from $75,000 to $250,000, these fashion houses including Burberry, Roberto Cavalli, Versace, Gucci, and Yves Saint Laurent have declined their usual table purchases.
Instead they will be purchasing individual seats from $5,000 to $15,000. Oh wait, but there’s more. Each designer house must also have a celebrity wear its brand, get photographed in the dress, and basically promote the brand like crazy. The added costs to that are flying a celebrity to New York, putting them up in a nice hotel, hair/makeup, and added costs for their entourage.
Putting on a show ain’t easy. Or cheap. Anna Wintour has enjoyed the status of being one of the most feared and powerful women in fashion with her position as the editor-in-chief of Vogue Magazine. She’s even been the inspiration for a a book and movie, both entitled, “The Devil Wears Prada.” Theses works were based on the experiences of her former assistant, who used these stories to catapult her career as a writer.
The Fashion industry has been among the hardest industries hit by this Economic downturn with the people of all income levels cutting back on their discretionary purchases.
And even though the glitzy Costume Institute Gala is a “Budget” Gala this year, I’m pretty sure that there will be enough photographs to supply the gossip mags for at least a week or two.
(Photo By: Karin Bar)
