It seems that no one is immune to current economic downturn - not even the luxury group Chanel.
The French fashion house is axeing 200 employees in a sign that even the poshest luxury brands are having to economise. The cuts, 10% of the workforce, are being described as the worst crisis to hit the label since Coco Chanel fired all her staff at the start of the Second World War.
Until just recently, many thought that luxury brands were somehow immune to the credit crunch. That view is so last season, dahling.
What changed? China's and Russia's nouveaux riches stopped shopping. Rumour is Chanel's Rue Cambon boutique, the brand's Paris home where Coco dreamed up her little black dresses and the best-selling No 5 perfume, has been decidedly quiet in recent months.
So what now for Chanel? La grande mademoiselle of fashion once admitted: "One thousand dollars for a dress. You might as well put your hand right into their pockets and steal the money". Shoppers now seem to agree.
