NY designers get creative to battle recession

"I chose the Rainbow Room because it was a room born in a certain time, in the depth of the Great Depression," Malandrino said, noting she will brighten up her event with "some Champagne, some romance, some glamour and some music."

Von Furstenberg is hosting her own runway show and a second show for American Express, which is charging its cardholders $150 apiece for tickets online, featuring not only looks for fall but for nearer-term spring and summer.

That strategy breaks from the traditional cycle of looking far ahead -- this week's shows are Fall 2009 collections -- and seeks to appeal more immediately to consumers.

The twice-a-year Fashion Week shows inject some $773 million into New York City's economy and support 175,000 fashion industry-related jobs, according to city officials.

But the affluence that backs much of the industry has taken a hit with the hammering of Wall Street that is the core of much New York City wealth.

Candace Corlett, president of WSL Strategic Retail consulting firm, said she is seeing a "values correction" among affluent consumers.

"We're hearing consumers tell us, 'I used to care about designer brands and now I don't,'" she said.

Fern Mallis of IMG Fashion, which runs Fashion Week, jokingly proposed a theme song: "We might have to play the Bee Gees' song all week. It's called 'Stayin' Alive.'

(Editing by Ellen Wulfhorst and Frances Kerry)