In what can only be seen as an ominous sign for the luxury retail markets, major designers received bad news today from their large corporate customers. The New York Post is reporting that orders for luxury items from designers including Versace, Gucci, Hugo Boss and Giorgio Armani were either reduced from major manufacturers or put on hold.
While not completely canceled the retail industry is worried about consumer credit problems and an unstable mortgage market. Coupled with an uncertain economic outlook, the retailers are choosing to play wait and see before completing, reducing or canceling their orders.
via: NY POST