Upstart Designers Make Fashion in their Own Image

One hallmark of newfound wealth in the developing world has been the embrace of Western luxury labels. But since the global economy fell apart last fall, the moneyed classes in India, the Middle East, China, Brazil and Russia have cooled their spending on quilted Chanel handbags and Gucci shoes.That doesn't mean they've given up luxury fashion altogether. They are turning to smaller, local designers who are using the market downturn to incubate homegrown premium brands and compete with Armani...
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