Erin Wasson x RVCA (New York/Los Angeles)

The ultimate downtown girl, model Erin Wasson became Alexander Wang's muse after he discovered they lived in the same East Village apartment building. Since then, Wasson has expanded her brand to include LowLuv, a line of chain jewelry that appears to be a direct copy of Bliss Lau's innovative body jewelry line, and now Erin Wasson x RVCA, a womenswear collaboration with a skateboard line that proved to be the literal toast of the town when it launched with one of the few parties at New York Fashion Week earlier this month. Drawing on her Texas roots while mining Wang's bottomless well of '80s references, the line features fringe details, denim jeans and vests, and saloon-ready garter straps, all mixed with oversized T-shirts. Innovator or imitator, Wasson certainly has a talent for channeling a moment, and her line has already garnered rave reviews -- and an upcoming Paris showing thanks to Opening Ceremony.

Photos via Refinery29

NYFW: Back from the Future

Looks like nobody got the memo about paring down for the recession, because, at first glance at least, this season's New York runway fashions are looking bigger and more bodacious than ever. Despite the looming threat of PETA demonstrations, several young designers dared to show fur for the first time, while longtime PETA target Donna Karan went fur-free. Marc Jacobs did big-shouldered neon '80s looks, It boy Alexander Wang stitched up leather harem pants and bandage everything, and on the ultra-cheap end of things, McQ for Target's pop-up store offered the masses zip-up mesh cardigans, weathered grey denim biker jackets, and neon-patterned bike shorts. On the up side, anyone who lived through the '80s the first time, and thought to keep their clothes, will save a fortune by re-wearing their graffitied Stephen Sprouse items and wasp-waisted leather blazers.

Photo via Style.com

News flash: Making it work, part 2

It's amazing how a little recession can foster a whole lot of creativity. Halston, it seems, has followed the trend we remarked on in our Holiday Bytes 2008, and created a video (pictured) instead of a runway show. Several young London designers, including Modernist and Antoni & Alison, are forgoing the runway for more budget-friendly presentation formats. And while mass-market chains are axing their spin-offs right and left, young New York designers are, in WWD's words, "invigorated by the challenging economy" -- rising to the occasion by paring down lines, skipping PV Paris, and discovering new ways to create their vision at a lower price point. Meanwhile, in Stockholm, new designers are pairing with graphic design and photography students to create splashy billboards to promote their brands. Yes they can!

News flash: NYC designers make it work, together!

The Cut reports today that the ever-resourceful NYC fashion industry is working collaboratively to afford Fashion Week. Jewelers and fashion designers are showing together; fashion designers are showing in one another's stores; models, stylists, and publicists are cutting their rates; and Betsey Johnson, caught up in the collective spirit, plans to offer champagne to "all of my guests... not just the front row!" In spite of the unfortunate Alexander Wang and Marc Jacobs party cancellations, maybe this recession won't be all bad.

News flash: Heads roll at Macy's, but there's a silver lining

The bad news: Macy's, the American department store chain, has announced it will lay off 7,000 employees. So what's the good news? The move is part of a new strategy to streamline the company's operations -- ending merit pay raises for executives, cutting this year's operating budget by 25 percent, and expanding a program to custom-tailor stores to their locales that will result in the creation of 1,200 new jobs.

Via Heard on the Runway/WSJ

News flash: The low end trails, while couture flies high

Even with the slow economy, it was a bit of a shocker when the ultra-cheap chain Steve & Barry's announced its closing last November. For anyone who wondered how they could make money selling nearly everything for under $20, the answer turned out to be: they couldn't. Even with celebrity lines like the Starbury shoe and Sarah Jessica Parker's Bitten, the numbers just didn't work. And now the latest: Target, the department store chain known for bringing high design to the masses, follows up the announcement of its upcoming Alexander McQueen collaboration with worse news, that it's eliminating 1500 jobs; and discounter Filene's Basement announced it will close 11 of its 36 stores.

Meanwhile, the couture shows continue to be as over-the-top as ever, and with reason: Dior's couture sales were up 35 percent in 2008, while Chanel's were up a trifling 20 percent, says the Wall Street Journal. Let them eat cake!

WWD via The Cut

Jason Wu (New York)

If the world's hopes are now pinned on Barack Obama to save the United States, the ailing American fashion industry is looking to Michelle Obama as its own rescuer. First, there was the controversial red-and-black Narciso Rodriguez bondage dress she wore on election night. Then, the surprise choices of Isabel Toledo and Jason Wu looks for inauguration day, launching the highly-respected but little-known Toledo and the young, Taiwan-born upstart into the league of household names. But who is Jason Wu?

Oddly enough, the 26-year-old Parsons alum started out designing doll dresses as a teenager, then interned for Rodriguez before launching his own line for Fall 2006. Starting out with eveningwear for the uptown set, he's gradually branched out into pleated trousers, prim sweaters, and even satin shorts suitable for the workday, and garnered the Fashion Group International's Rising Star award on the way. 

News flash: 28 fewer designers at NY Fashion Week

Looks like the party might be over. Last September, 80 designers showed their collections at New York Fashion Week. But for the upcoming FW 09-10 shows, only 52 have signed up so far. Notably, while Betsey Johnson, Naeem Khan, Monique Lhuiller, Vera Wang, and Carmen Marc Valvo have already announced they won't show in the tents, Oscar de la Renta will be showing twice.    

WSJ via NY Mag

Txell Miras (Barcelona)

A graduate of Barcelona's Llotja Arts School and Milan's Domus Academy, Txell Miras certainly hasn't taken the obvious path to fashion stardom. Yet she has quietly assembled an admirable résumé, winning the Onward Tokyo Grand Prix fashion award the year she graduated from Domus, and designing Neil Barrett's womenswear line since 2003. Her layered, experimental style is darker than the usual playful Spanish fare, with black-on-black constructed looks showing off her subtle mixes of fabric and texture, and her conceptual art background serves as a jumping-off point for wearable musings on... well... it's hard to tell what, but she claims Kafka, Duchamp, and Bergman as her inspirations. Perhaps "The Fly" inspired the greenish-black metallic fabrics from fall/winter 2008, but frankly, the clothes are strong enough to stand on their own without a concept to lean on.

Via Surface; photos via Txell Miras

Ostwald Helgason (London)

Taking their shared love of ballet as a departure point, German-born Susanne Ostwald and Icelander Ingvar Helgason together formed Ostwald Helgason, a finely crafted, highly theatrical line of womenswear. Their spring collection is inspired by Francis Poulenc's film Les Biches, and makes decadent use of the Rococo era's rich golds and cobalt blues.

Via Nylon