It's unlikely that Miuccia Prada, Giorgio Armani or any of the other designers showing in Milan over the past week have been pondering the effects of dizzying utility bills, surging inflation or the American sub-prime mortgage crisis. In fact, while the collections last week may have been restrained in mood, they were certainly no less luxurious than usual.
Consider Fendi, which came up with everything a billionaire ski bunny could wish for next winter, from high-heeled, fur-trimmed moon boots to a mink-lined pushchair. Or Italian knitwear firm Loro Piana, who showed ultra-light "baby" cashmere overcoats combed from the bellies of baby goats (mere cashmere is no longer deluxe enough). On the catwalks things were just as precious. The exquisite hand-made Swiss lace that made up most of Miuccia Prada's clothes costs more than US$780 per meter.
As the commercial heart of the fashion industry, Milan should be a pretty accurate barometer of how luxury brands are squaring up to an economic downturn, yet most designers are adamant that their customers are in an elite that won't be affected by a recession.
"For a luxury brand, like Versace, the recession wouldn't have that much impact because our client doesn't feel the effects," Donatella Versace said after her show on Thursday evening - a stance shared by most designers last week. Versace can afford to be optimistic; this week the company posted strong sales for last year with revenue up by 7.7 percent.
However, that does not mean that luxury labels are not taking note of changing economic conditions. "We do feel a demand for more unique and exceptional pieces, so of course it becomes more challenging for a designer," she added. To create those unique pieces, Versace worked with Berlin-based artist Tim Roeloffs to create a cityscape collage print used on a series of bright, silk cocktail dresses. It provided the only pattern in a slick, elegant show that ended with a series of floaty gowns surely destined for the Oscars.
Versace is not the only brand feeling confident. Both Prada and Salvatore Ferragamo plan to take their companies public this year, despite jittery markets. This week the industry paper WWD reported that, on average, fashion companies listed in Milan have lost a third of their value in the past three months.
So why are luxury brands feeling so perky? It's largely down to the rapid growth in newly emerging markets such as China, the Middle East and Russia, which will offset any dip in sales to the US or UK.
But while some designers are chasing new markets, others are trying to refine their message for customers closer to home. Luxury houses may not be feeling a downturn in consumer spending just yet, but they are noting a shift in mood. However, they are not responding with more affordable fashion. Far from it.
Bridget Cosgrave, buying director of the Matches chain of boutiques, has focused this week on finding more opulent pieces for her stores. "Often when we get into a recession things get more embellished. We have been buying jeweled belts and really amazing statement shoes. My view is to keep it as special as possible. I don't think people shop that sensibly in a recession."
Even if that's true, the week's winning shows focused on the wearable.
This is clearly no time for anything too experimental and challenging, such as the tufty tangerine overcoats Miuccia Prada sent down her catwalk last year.
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