Bulgari Is Doing Quite Badly in the Downturn; Fall 2009 Balenciaga Top Costs $50K

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The $50K Balenciaga top. Photo: Imaxtree

• Bulgari is planning to close "a number of stores" after its profits fell 45 percent in the past year. No one's buying new fancy watches. [British Vogue]

• Aw, L.A. Fashion Week starts on Friday and runs for ten days. IMG cut ties with the event but it forges on. Adorable. [WWD]

• If you're looking to blow $50,000, you could spend it on, say, college tuition or a new car ... or one of the beaded long-sleeved tops that opened the Balenciaga show. That's right, just one. [On the Runway/NYT]

John Galliano created a winter-wonderland set for his show in Paris yesterday. The chemical-smelling fake snow, however, was described as "toxic" and led Hamish Bowles, Grace Coddington, and Glenda Bailey to cover their mouths and noses. [Fashionologie]

Alexander McQueen on his fall 2009 collection: “I’ve never been this hard since I’ve been in London. I think it’s dangerous to play it safe because you will just get lost in the midst of cashmere twin sets. People don’t want to see clothes. They want to see something that fuels the imagination.” [NYT]