Investment dressing

At around the same time the US House of Representatives voted to reject a $US700 billion bailout of Wall Street, on Monday, British fashion designer Vivienne Westwood was in Paris advising frock watchers to ride out the economic downturn by making their own clothes or dragging out ol' favourites.

''Do it yourself,'' she said in a statement handed out at Paris Fashion Week. ''Make necklaces out of safety pins and shawls from blankets, tablecloths, curtains, towels or a metre of fabric.'' It was the kind of advice that would have had fellow fashion designers shaking their heads in disbelief as they struggle to find new ways to sell expensive clothes in an increasingly gloomy economy.

Westwood's collection, which was remarkably restrained for a woman who has made a living out of selling the outrageous - she pioneered the punk movement, after all - featured models wrapped and draped, toga-style, in metres of cotton, silk and taffeta, straight from the roll. It looked more like a showcase of DIY fabrics than high-fashion.

While some of the world's luxury fashion houses may not have liked Westwood's message, she is not alone. Dozens of designers have resigned themselves to the fact that, as the economy continues to sour, even luxury consumers are likely to opt for "investment pieces" - that is, well-made, timeless classics - or as The Wall Street Journal's Christina Binkley puts it: "Clothing that will survive trends and frequent dry-cleaning."

Belted skirt suits, tailored trousers, blazers, pant suits, blouses and classic sheath dresses are among the key "investment pieces" to emerge from the latest round of spring/summer catwalk shows.

In Paris, the most classic collections turned up at Balmain - fitted sheath dresses, pencil skirts and square-shouldered tuxedo jackets and blazers; at Rajesh Pratap Singh - all long-sleeve sheaths, sleeveless shifts, and blouses tucked into tailored pants; and at Yohji Yamamoto - who channelled the bleak economic mood with black skirt suits, and classic white shirts, buttoned under black vests, and tucked into black trousers.