The Future of Fashion Week

Scott Wintrow/ Getty Images After hundreds of shows, dozens of parties, and one epic night out, the biggest stars in the fashion business contemplate what comes next.

Capping off a fashion week unusually weighed down by real-world concerns—as in, will anyone actually buy these clothes?—a panel was convened Thursday at Milk Studios in Manhattan to discuss a very serious question: the future of fashion.

Emceed by Estee Lauder President John Demsey and moderated by International Herald Tribune fashion critic Suzy Menkes, the event brought together hot young designers (Proenza Schouler, Alexander Wang); hot young boutique owners (Opening Ceremony’s Carol Lim and Humberto Leon); the hot young dean of fashion at Parsons (Simon Collins); and a hot young fashion mogul (Milk Studios’ co-founder Mazdack Rassi) to contemplate such heavy topics as whether being a fashion designer makes any sense.

“Fashion shows are really creating fantasy,” said Steven Kolb, executive director of the CFDA. “They’re defining aspirations.”

“All you really need is passion, and a point of view,” asked Jack Lazaro, one half of Proenza Schouler.

But in an era of belt-tightening, is passion enough to survive? (How about a generous investor, too?) Alexander Wang was more practical: “You can't just be creative. It's just as important to stay involved in all aspects, especially the business, and see that the clothes are being worn, and sold.”

Fashion Week is the time of year when the industry is in its most publicly extravagant mode, so in this sour economic climate all the inevitable questions about an industry predicated on splurges came up: Does Fashion Week really need to be as big as it is? Do designers really need these expensive 15-minute runway shows? Is Fashion Week just an absurd artifact from the good old days of 2007? If people aren’t shopping the same way they used to—indiscriminately, in droves—does something fundamental need to change about the way clothes are made and sold? Maybe expensive-to-produce shows are…demode.

This summer, the Council of Fashion Designers of America held a town-hall meeting with various members of the fashion community—Diane von Furstenberg, Donna Karan, Betsey Johnson, Proenza Schouler, and others—to discuss the question of Fashion Week’s relevance at a time when retail is in crisis.

“Retailers made the strongest case that it clinches the deal and helps make the sale for their customers,” said Fern Mallis, the senior vice president of IMG Fashion who attended the meeting. (IMG Fashion produces Mercedes-Benz Fashion Week, the shows that take place in the tents at Bryant Park.) “It’s important to see collections at the shows. Whatever designers spend, they get value from—they get fame and notice and get their vision out there. Many have seen that when they don’t do shows, they don’t see their clothes out there and they don’t get the same kind of press.”

As lavish as it may seem, especially in the depths of an economic downturn, Fashion Week is still an essential part of the retail business. When you strip away all the pomp, circumstance, and Madonna sightings, it’s really just a fancy trade show. It’s a time when brands get defined, images get made and designers big and small get press—something that’s especially important in an age of slashed advertising budgets.

“Fashion shows are really creating fantasy,” said Steven Kolb, executive director of the CFDA. “They’re defining aspirations.”

This year, designers defined aspirations as simple as “to dress like Michelle Obama” (Jason Wu) and as complex as “to star in The King and I” (Marc Jacobs). But perhaps the biggest revelation of the week was that even in difficult times, women everywhere still aspire to dress beautifully.