Rich people are hiding conspicuous consumption, choosing to spurn luxuries of the boom years to be sensitive to friends who suffered in the downturn, a private equity executive said.

Estee Lauder Companies Inc named a new chief executive on Thursday March 26, completing a succession plan first announced in November 2007.

Specialty retailer Wet Seal Inc posted a better-than-expected fourth-quarter profit, helped by lower expenses, and it forecast first-quarter results largely in line with market estimates.

Lululemon Athletica reported lower quarterly earnings on Thursday March 26 as the upscale athletic clothier was hurt by the economic downturn, but the results topped estimates

New Zealand clothing retailer Hallenstein Glasson Ltd. on Friday March 27 reported a 41 percent fall in first half net profit due to weak trading and tighter margins.

Gordon Brothers and an unspecified "group from China" were expected to make bids for the assets of bankrupt department store chain Gottschalks by the night of Wednesday March 25 or the morning of Thursday March 26.

Footwear retailer DSW Inc said it named Michael MacDonald as its chief executive, replacing Jay Schottenstein, who retains his role of chairman.

As announced at the end of 2008, the lingerie tradeshow Bodylook will henceforth be an annual event. It will return 26-28 July in Düsseldorf with a new setup. Entirely redesigned, Bodylook has been planned around the idea that different areas will correspond to their part of fashion.

Nike Inc plans to halt its production at three shoe factories in China and one in Vietnam as crumbling consumer demand forces it to curtail output and streamline its supply chain.

British fashion label Ted Baker on Wednesday March 25 reported an 11.4 percent fall in full-year profit and said profit in 2009 would likely be lower due to the uncertain economic environment. Ted Baker posted an underlying pretax profit of 19.

Teen-age boys, are you tired of embarrassing questions about when you last changed underwear? Japan's space scientists may have just the answer -- a line of odour-free underwear and casual clothing.

Li & Fung, a leading global exporter and distributor, said on Wednesday March 25 its net profit for the second half of 2008 fell 41 percent, lagging analysts' forecasts, as it was hit by weak global markets and one-off costs.

Liam Gallagher, lead singer of the band Oasis, has turned fashion designer with the launch of his off-the-peg label ‘Pretty Green’. The label will be exclusively ‘limited edition’ and will consist of trench coats, jackets, jeans, hats and scarves that are “up-front, straight talking and classic”.

After a few years of wavering, Selective Beauty needs a really thorough spring clean to come out on top, and to show real strength both “financially and organizationally”. The company announced that it had gone into receivership with the commercial tribunal of Bobigny.

The European Council has adopted a new plan of action for customs offices fighting counterfeiting - a phenomenon which now effects every industry. The plan aims to “protect the health and security of our citizens, as well as protecting innovation; economic activity, competition and jobs”.