Fashion and the economy … it’s time to get serious.

As this article suggests, the economic downturn could be hitting us where it hurts most: In our fashions.

(T)ake 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 …

If people aren’t buying Thakoon, something’s wrong. This is what you call a “leading economy indicator.” Thakoon’s Summer 2009 line was one of the strongest he/she/they has ever designed. The striking profiles of the black dresses and sandals simply stole the show at Mercedes Benz Fashion Carnival last month. I remember, I saw one dress with shoulder pads that made me reconsider all my assumptions about shoulder pads. They were just that good.

Also, who can forget the Thakoon cargo pants with embroidered skulls on the left-side pocket, second from the bottom (the horizontal pocket beside the vertical zipper pocket)? Kanye West almost fell out of his chair when those cargo pants made their debut!

On the other hand, I’m not at all surprised that people are staying away from Marc Jacobs’ collection. Can you say, “Been there, done that?” Are you kidding me? Serge minis with tulle edging and cotton panty-liners? How did Marc think he’d get away with that? He has totally misread the national mood once again.

Remember back in 1984 when he released his line of t-shirts that said, “1983: WHAT A GREAT YEAR WE’RE HAVING?” He was off by a whole year. Get it together, darling.

More from the article:

Lacroix is not the only fashion house to teeter on the brink. The Antwerp-based designer Veronique Branquinho closed her business last week, blaming the dismal financial situation.

I’m not sure Branquinho should blame the economy. More likely she should blame her Winter collection, which was more dismal than our current financial situation. What was she thinking, putting a purple corduroy knee-pad in the middle of a wedding gown? Nobody will ever wear that, ever, ever, in a million years. (Okay, maybe I would wear it to the hottest disco, but not more than five times.)

Anyway, I’m going to send a fax to Christine Lacroix with a bunch of questions and I’ll let you know what I hear.