if you were a russian oligarch a hedgefund golden boy or a middle eastern potentate in 2008 burberry had the ultimate masculine object of desire a gilded alligator trench coat selling at 25000 euros and with a waiting list it says everything about the postcredit crunch mood in the world of luxury that when prince charles toured burberrys london headquarters in october the classic beige raincoat was reinstated as a fashionable mans best friend the collective madness that engulfed the luxury industry in the first decade of the new millennium seems with hindsight as puffed up as the utilitarian down jackets that are now all the rage streamlined practical clothes for both sexes have taken over from a style era when bling was the thing and overt signs of wealth were symbolic of a highconsuming society what happened between then and now is not just the global financial chaos there are signs of strain within the high fashion industry itself when chanel laid off 200 workers at the tail end of 2008 it was a prelude to a period of restraint witness the recent announcement from versace that a third of its work force will go this chain of events suggests something more fundamental than an inevitable tightening of gilded buckle belts the end of the first decade of the 21st century is marked by real societal shifts that are changing the landscape of luxury the key factors are financial technological and spiritual the credit crunch has reined in spending and discouraged profligate purchasing shopping in cyberspace where it is simple to compare prices has become a reality and the subject of sustainability and its green issues is affecting the mind of the consumer the concept of the affluent shopping only for high end items has been undermined by highlow offerings that have linked star designers with mainstreet brands karl lagerfelds 2004 collection for hm opened the floodgates to designer collaborations that have led consumers to believe they have a right to buy high fashion at low prices the list is now so long and so comprehensive that in autumn 2009 jil sander the high priestess of haute sobriety came out of retirement to produce a collection of strict tailoring for the japanese chain uniqlo the change has been in the heart as well as in the head while the majority of people buying the cerebral clothes of comme des garcon at hm might be those who cannot afford the main collection a sizeable minority is now mixing cheap with expensive clothing and boasting about it technology has also brought a change in shopping and attitude from the customers point of view there is an opportunity to buy 247 or as natalie massenet founder of netaporter puts it shopping has migrated from stores to the office desk the concept of selling luxury online was anathema to highend labels until the brand managers realised that clients really would make a major purchase in an online flagship yet the