Word: armanied
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...scrutiny of Letizia's fashion sense began with the announcement, in November 2003, of her engagement to Felipe de Borbon, heir to the Spanish throne (press opinion on the white Armani suit she wore for the occasion was divided, but the suit reportedly sold out of Spanish stores within days). Once they married in 2004 and she became a princess, Letizia frequently chose sober suits in neutral colors and evening gowns (see one forest green number worn to a 2006 state dinner for Vladimir Putin) that made her look like a very expensively upholstered sofa. But even at the beginning...
...hazard a guess at which luxury brand might be next to stumble, take a quick spin around the second or third floors of New York City's Bergdorf Goodman department store. There you will find racks upon racks - sometimes, entire collections - of designs by Marc Jacobs, Chanel, Dior, Armani, Thakoon and Alberta Ferretti marked down 40%. What's impressive is not only the steep markdowns, but also the sheer volume of merchandise that remains. In some cases, every size of a silhouette is still available, indicating that not a single shopper bought the look...
...decided to play it safe. Others, however, have chosen to experiment with 3-D patterns and metallic cutouts that add a retro-futuristic touch to last season's graphic trend. For his spring collection, Oscar de la Renta embroidered navy stripes on formal dresses in a modern harlequin design. Armani Casa's printed armchair and Verner Panton's rug appear to have been cut from the canvases of Victor Vasarely's Op art paintings from the '60s, while armored Coach bags and caged boots from Yves Saint Laurent showcase a similar understated yet forward-looking elegance. It's a brave...
...Armani Casa London armchair in Atlanta print ($5,060; armanicasa.com...
...recession has demanded great self-control from many Americans. Even those who haven't lost everything are spending less. Middle-class consumers who used to splurge occasionally are trading Armani for the Gap, and cable subscriptions for library cards. That's understandable - fear begets caution - but will rich Americans, who are also cutting back, return to their extravagant ways...