'When the economy changes, it's not like you want to start eating bad-tasting chocolate.' —Olivier Theyskens, designer

'Frugality is in fashion. The alligator belts are tightening ... Who knew a wallet could hibernate?' —Burt Tansky, president and CEO of Neiman Marcus

'This whole crisis is like a big spring housecleaning—both moral and physical—bling is over. Red carpetry covered with rhinestones is out. I call it the "new modesty."' —Karl Lagerfeld, designer

'It's a tough time, but it's also a good time for creativity. I'm like a perfumer selling a dream.' —Gareth Pugh, designer

'I don't want to start saying there are...

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