Cheryl Shops

Silver linings in the recession cloud
The news has not been so great lately for the fashion industry, from layoffs (Saks cut 1,000 jobs today [subscription required]), to bankruptcies (Searle, among many other stores), to a thinner Fashion Week calendar (only 52 designers are confirmed for the tents in February, compared to more than 80 back in September). And then, of course, there was this article in today's Times Style section, about how the French are beside themselves with worry about the death of luxury. Never one to be at a loss for words, Karl Lagerfeld presents the following bon mots:

“This whole crisis is like a big spring housecleaning — both moral and physical,” Karl Lagerfeld, the designer for Chanel, said in an interview. “There is no creative evolution if you don’t have dramatic moments like this. Bling is over. Red carpety covered with rhinestones is out. I call it ‘the new modesty.’ ”

Of course, he's quick to point out that Chanel is doing just fine, thank you, in spite of the fact that they laid off 200 employees last month.

So, before I get too depressed, I will point out two relevant, well, points. The first is that these dire economic conditions are going to force retailers to lower their prices. This is not so good for the stores and designers, obviously, but the age of $2,000 handbags is coming to an end, and I don't know about you, but I'm pretty happy about that. The second is that while there will always be a "recession-proof" customer who can afford luxury prices, those of us who qualify as "aspirational" are also being taken care of. Case in point: Rock & Republic is launching a mini-line of "recession special" jeans (two styles for women, two for men), which will retail for $128-$138. True, those aren't Levi's prices, but considering that most R&R jeans retail between $200 and $350, that seems like a pretty good deal to me.

But what really makes me excited is that, as I reported back in August, current fashionista darling Alexander Wang is launching a lower-priced line of knit pieces, called T by Alexander Wang, and, according to The Cut, it hits stores in two weeks. Dresses are $85, tees and tanks are $74-$78, and you can find it at Barneys, Kirna Zabete, and Saks, where you can preorder it (which is what I'll be doing as soon as I finish writing this post, I kid you not). Preview the collection at Alexander Wang's website, where you can see the lovely Karlie Kloss modeling it (does she not make this look like the best gray T-shirt ever or what?). Yes, $74 for a tank top is not, at first glance, the best deal in the world. But Wang's clothes are cut well and he seems to have this intrinsic knowledge of exactly what cool girls want to wear--in this case, beautifully draped jersey pieces that have a broken-in (but not broken-down) look. I, for one, plan on making them a central part of my spring/summer wardrobe.

Banana Republic's Monogram: What recession?
While the government hasn't acknowledged it yet, I'd say we're in a recession. Retail is usually one of the first industries to get hit, and I don't know if you've noticed or not, but a lot of stores and websites are resorting to 20% coupons and other promotions in order to keep business up. I was even browsing the Barneys Co-Op website the other day and was surprised by the number of items under $100. But while many stores are anticipating much belt-tightening on the part of consumers, Banana Republic is betting that its customers will spend more. Say what?

Enter Monogram Collection, Banana's new limited-edition line, with prices 30%-40% higher than normal. (Apparently it's working for Ann Taylor and J.Crew.) Yes, the fabrics are nicer and the tailoring sharper, but would you really pay that much more for what's basically souped-up Banana Republic clothing? I wouldn't, but then again, I'm probably not the ideal Banana customer--I find BR a bit too conservative for my taste. Granted, the Monogram clothes do look a bit more chic--I like the slouchy pants, and Tory Burch fans should go for this chain link dress.

But if, recession be damned, you want to check everything out in person, lucky for you that BR has transformed its Bleecker Street store into a Monogram emporium. This article from yesterday's WWD [subscription required] has all the details, from the exact shade of gray paint used on the walls to the fact that salespeople are called "stylists." (You can't see me, but I'm rolling my eyes right now.) I haven't been there yet, but in spite of all the faux-upscale posturing, I'll bet Monogram is what it is--which is just a more expensive Banana Republic.

Recession specials
I think it's pretty much a given that the United States is in a recession, but if there was any doubt, Elle has confirmed it. Fashion magazines tend to peddle extravagantly expensive items, in part because they perpetuate an air of fantasy, and in part to please the magazine's luxury advertisers. Of course, even in a recession, magazines continue to do this (hey, gotta pay the bills!), but they also try to snag the more practical newstand-buying reader with fashion-under stories--99 dresses under $100, 500 accessories under $500, and so on. So today I noticed on Elle.com a story about 20 office essentials under $200, and this is a noteworthy story not only for the fact that a lot of the items pictured are really cute but that in itself, it acknowledges the fact that its readers actually work! Sacre bleu!

As you know, I always have an eye out for bargains, but in uncertain times such as these, even I have to curb my spending. Thus, here are my five tips for shopping during a recession.

1. Buy vintage. Scour vintage stores and websites for the original versions of what designers are currently knocking off. (Most of them will be of better quality anyway.) Vintage stores are also great for satisfying your designer fix--dropping $100 on a '70s Gucci bag is much better for your wallet than spending ten times that much on a comparable new bag.

2. Swap with your friends. My dear friend MM hosts semiannual "bitch swaps" wherein a bunch of girls bring their unwanted clothes (in good condition, of course) and trade with each other. I've gotten rid of ill-fitting and ill-suited clothes in exchange for everything from cashmere scarves to a vintage Valentino jacket. Best part? It's free, and if you're the host, you can take a tax deduction for donating all the unwanted stuff to charity.

3. Stay away from fast fashion. It seems counter-intuitive, but today's trendy clothes from H&M and Forever 21 are next year's (or even next month's) cleaning rags. You might think you're making a savvy buy, but for the $200 you spend on an assortment of polyester-blend bar tops and work dresses, you could buy one nice pair of pants or a dress that you'll have for years. The poly-blends, on the other hand, will either fall apart in your washing machine or fall out of fashion--whichever comes first.

4. Get cash back. If you shop online a lot, sign up for eBates or Lucky Rewards. Click through the links to shop your favorite sites (on eBates, this even includes car rentals, hotels, and airplane tickets), and get cash back, anywhere from 1%-20% of your total purchase (or in some cases, a flat fee). If you shop online a lot, it really adds up. If I were Suze Orman, I'd tell you to put the extra money in a savings account, but since I'm me, I'll tell you that you can go shopping with it instead!

5. Keep reading Cheryl Shops. Sorry, I had to throw that one in there. Of course I will keep listing sales every week, as well as other noteworthy deals, so please keep coming back!