Ragged trade

The catwalk model who tumbled from her six-inch heels onto the runway of a New York fashion show this week – and kept smiling for the cameras – captured the state of the industry. The fashion business is having to put a brave face on an ugly spectacle. Spending on frippery is correlated to the performance of stock markets and global tourism. Shares in luxury goods companies may not be doing quite as badly as financials, but they have felt the force of the rout. But some companies are having to p...