Fashion

The $300-billion fashion business is in the midst of an epic shake-up that is changing the way clothes are designed, marketed and purchased. The Internet -- the same force that has splintered the media and music industries -- is challenging the taste-making role of the fashion elite, a shift that is being accelerated by the rise of cheap chic and a recession that has blunted more-is-more spending. In turn, many retail businesses, confronted by changing spending patterns, are becoming less brand-centric and more consumer-centric.

It was a story of eco-evolution wrapped around an Atlantis theme, combining Hollywood film effects with the latest in digital technology. And it was the coolest spectacle to hit the Paris runway in a long time. At the end of a month-long, multiple-city runway season showcasing the spring 2010 collections, Alexander McQueen -- a man whose imagination knows no bounds -- fully embraced his role as fashion's reigning provocateur. He webcast his sci-fi fantasy live through a collaboration with director Nick Knight and Showstudio.

Valentino Garavani was claiming his place in the sun. In Beverly Hills last week to discuss his 45-year run as founder, figurehead and creative visionary behind the $1-billion-plus fashion empire bearing his name -- Valentino -- the Italian designer resisted a valet's efforts to move him beneath a rooftop pool cabana at a Beverly Hills hotel, preferring to remain in the hard glare of afternoon sunlight.

Just as Barack Obama turned the page on American history in Washington on Tuesday, Michelle Obama turned the page on American fashion and reaffirmed her commitment to being a new kind of style leader. The lemongrass wool lace ensemble she wore for the swearing-in wasn't designed by one of the aging custodians of the Seventh Avenue Establishment -- Donna Karan or Calvin Klein. It was by Isabel Toledo, a Cuban American whom nobody knows but everyone should.

THE red carpet at the 50th Annual Grammy Awards threw into sharp relief just how safe female musicians are required to play it these days. The steady stream of jewel-toned gowns, softly waved tresses and unremarkable diamond baubles was eerily similar to the red carpet scene at the Screen Actors Guild Awards a few weeks ago. Since when did pop and rock stars start dressing like actresses?

The exposed metal studs, the shopping-cart-sculpture-cum-display-stand and the fashion house executives from Paris were all in place. The hipster-chic customers picked their way past trash bins in an alley leading to the Hernando's Hideaway-style entrance. Perfume bottles and brightly colored wallets were artfully arrayed and ready for sale. The only things missing from the launch of Comme des Garcons' first "guerrilla store" in the United States were the clothes. They were stuck in U.S.

Hitchcock once called actors cattle. Herd mentality certainly ruled the Oscar red carpet, with most actresses choosing one-shouldered gowns in black or red. The coif du jour? A rain-resistant ponytail -- spotted on Cameron Diaz, Anne Hathaway, Saoirse Ronan and Miley Cyrus. AMY RYAN First look: The nominee for "Gone Baby Gone" made no cannonball splash in a one-shouldered, navy Calvin Klein gown and a bun better suited to a Denny's waitress.

Maybe it was the lusty mannequins in its stores, the massage oil on its shelves or the overabundance of cleavage on the glittery runway of its annual TV fashion show. But this week, Victoria's Secret Chief Executive Sharen J. Turney acknowledged that the chain had gotten "too sexy." Is such a thing even possible? "We have moved off of our brand heritage," she said in a conference call with analysts. "We use the word 'sexy' a lot and really have forgotten the ultra-feminine."

Most retailers are tapping the brakes as they navigate a rocky economy. Forever 21 Inc. has its pedal to the metal. The fast-fashion retailer is expanding around the globe, increasing product lines and opening showy new stores. The largest yet, which at 90,000 square feet on three levels will be bigger than the size of the Rose Bowl playing field, is scheduled to open in Times Square next year.

SOMETIME last week, center court at Wimbledon began to look more like a fashion show than a tennis tournament. There was Serena Williams warming up in a chic, belted, white trench coat under cloudless skies, Roger Federer as Jay Gatsby in a white cardigan with an "F" insignia, and Maria Sharapova getting trounced in a sheer, pleated-front bib top and shorts.