In November 2008, Saks sent shockwaves through the fashion industry when it slashed prices by 70 percent in an effort to clear out inventory competitors like Barneys and Neiman Marcus quickly followed suit, torpedoing their profit margins. Millions of people lost their jobs, and with so many consumers cutting back on spending, retailers got pummeled. What happened was the Great Recession, which started in late 2007 and officially ended in June 2009, though many Americans are still feeling its effects today. “Fashion had been really loud and it was a huge party, and then that shifted literally overnight.” There was bling on clothing, jewelry, accessories,” says Christina Binkley, who covered fashion for the Wall Street Journal. “It was colorful, it was sexy, it was obvious,” recalls Ron Frasch, who was president and chief merchandising officer of Saks Fifth Avenue in 2007. It was an era of ruffled miniskirts and low-rise jeans, of rhinestones on everything. Enough time has passed that it’s possible to look back on the fashions of the aughts with some fondness.
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