COVER

Who's Got the Power? (Art Of The Deal)

Fashion designers may get all the glory, but they don't necessarily pull the strings anymore. In today's global luxury business, the key to success is not only the talent but also how to manage it

Art Of The Deal: Green Is the New Black (Art Of The Deal)

Fashion is suddenly a hot commodity for private-equity firms flush with cash. From Paris to New York City, they're taking their seat in the proverbial front row and betting on a business they once deemed too risky

Art Of The Deal: Bon Business (Art Of The Deal)

One street-savvy Parisian launched a small, affordable California contemporary label 17 years ago. Today BCBG Max Azria Group is a $1 billion global fashion powerhouse

Art Of The Deal: Who Drives Diesel? (Art Of The Deal)

With his laid-back look and casual air, Renzo Rosso doesn't appear to be a typical luxury leader. But his smart deals and creative flair have turned Diesel into a major fashion player

Art Of The Deal: Luxury's New Lotus (Art Of The Deal)

Sheetal Mafatlal is India's fashion-retail pioneer. But can she persuade the subcontinent's emerging consumer class to invest $1,200 in a handbag?

Sister Act (Luxury Source)

Designers Tia and Fiona Cibani have built a stronghold of style in mainland China with their popular Ports line

Evening Star (Artifact)

Giorgio Armani has made the tuxedo a red-carpet icon and a runway hit

Cutting Edge (Luxury Source)

Swarovski crystals is run by descendants of founder Daniel, and together they are bringing the leading crystal manufacturer into the future with technological innovation and fashion flair

Stealth Style (Luxury Source)

Far from the fashion fray, designer Albert Kriemler and his president brother Peter have quietly made Akris a best-selling brand

PEOPLE

10 Questions for Michael Silverstein (10 Questions)

The author of Trading Up and, more recently, Treasure Hunt talks to TIME's Kate Betts about how consumers squeeze a deal out of every dollar

SPECIAL SECTION

Cristobal Balenciaga: Master Class (Icon)

Spanish couturier Cristobal Balenciaga's rigorous cut and subtle style lent women a sense of dignity and poise that still inspires designers

TO OUR READERS

BRIEFING

The A List: Denim (Notebook)

A look at fall's best-selling denim brands and where in the world you can buy them, from Stockholm to Scottsdale

Ian Callum (Notebook / Q & A)

Jaguar's design director talks to TIME's Caroline Tell about his Jags, Ferraris and new XK model

Motion Commotion (Notebook)

With high-tech innovations in performance fabrics and design, activewear is working harder than ever to keep its cool–in the gym and on high-fashion runways

Beauty: Smiling for Dollars (Notebook / Beauty)

Celebrities used to think cosmetics contracts were bad for their image. But now they are signing up to hawk everything from lipstick to lotion

Beauty: Euro Stars (Notebook / Beauty)

European niche brands are bringing innovation and quirky ideas back to beauty counters on both sides of the Atlantic

Social Studies (Notebook / RETAIL TRENDS)

Not content to surf the Web solo, serious shoppers are flocking to retail venues that encourage more than just spending

ALSO IN THIS ISSUE

Formentera (Navigator)

Marni designer Consuelo Castiglioni shares her favorite secret addresses on the windswept Spanish Balearic island

Earth First (Right This Minute)

Cap off summer and plant yourself in fall with the season's favorite fashion and home-décor shade: mushroom

The Big Deal (Working It)

Can any self-centered hack get an endorsement contract? Joel Stein speed-dials his agent to see if he can leverage his condition into megabucks

Power Tools

In keeping with fall's '80s-inspired mood, designers gild accessories with studs, medallions, lamé and even 18-karat gold

How Is Fashion Shaping Up?

Fur skirts? Winged sleeves? Six-inch platforms? Designers are anything but risk-averse when it comes to leveraging fall style