Verbatim

'Never buy anything that's on sale. That's always junk. You're just buying it because it's cheap.' —Isaac Mizrahi, on surviving the recession

'If the industry is to survive, we can't work in a self-feeding, inward-looking circle of the privileged. We must look wider than that. I love floaty gowns on a catwalk, but we need more than that if fashion is to be relevant.' —Stefano Pilati, creative director, Yves Saint Laurent

'It's a bit like the feeling of your parents breaking up when banks fail. It makes you feel insecure.' —Anya Hindmarch

'Excessive shopping is out. There is way too much going on in the world right now to have to take the time to think about clothes.' —Julie Gilhart, fashion director, Barneys New York

'In the times we are living in, I think the guarantee of quality and stability of the big brands is what will survive in the end.' —Karl Lagerfeld

'I live in a pretty simple way. I'm not the type of person who would buy a Ferrari or a very large hat.' —Ivanka Trump, explaining why she won't be cutting back during the economic downturn

Sources: New York Times; British Vogue; New York Observer (2); AP; New York