Economic crisis is looming so large that people from every walk of life are being affected one way or the other. The business segment is the worst hit industry. The fashion designers too are going somber in their appearances.

Unlike the pomp and gaiety of the preceding years fashion week the colours were a reflection of the global disturbances. The 75 year old renowned designer Valentino Garavani just made an official announcement that he would not participate in the upcoming Paris and Milan Fashion Week. As reported in Vogue, the renowned designer is firm in his decision, the reason being the financial crisis that has overtaken the markets worldwide.

Valentino keeping with the mood of the times has refused to participate in the men’s fashion week. But he has definitely to showcase his Autumn/Winter 2009 Collections in a more unique way with strategic moves in place.

Via: WWD