Fashion News

COSTUME INSTITUTE DOWNSIZES

The annual Metropolitan Museum of Art’s Costume Institute gala is slated for May 4th this year, but things aren’t looking so promising for fashion’s glitziest event.

The event will be once again sponsored by both Vogue and Marc Jacobs and will be in light of the "Model as Muse" exhibit.

Every year the biggest names in fashion have been dropping between $75,000 and $250,000, depending on the size of that particular brand and factoring in their relationship with Vogue, to have a table at the 700 person gala. This year however with the economic downturn fashion houses have been reluctant to pony-up the cash for a table. Instead they’re shelling out between $5,000 and $15,000 – depending on the location – for individual seats. Fashion Week Daily is reporting that those that will not be sponsoring tables this year include Burberry, Roberto Cavalli, Versace, Gucci, Yves Saint Laurent, and Alberta Ferretti.

Further, the more profitable brands are being asked to take on more of the costs so that their struggling counterparts can attend the event.

On the bright side, given that 96 percent of Marc Jacobs’ brand is owned by mega fashion house LVMH, the powerhouse is likely to purchase tables for a numberof the other brands they own, which includes Donna Karan, Celine, Emilio Pucci, Fendi, Louis Vuitton, and Givenchy.