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...typical luxury consumer has traded in high-priced fashion for quality, durable goods at a lower price, according to a recent report by Bain & Company. As a result, the luxury market is expected to shrink by 10% in 2009, with apparel being hit the hardest. So, when French couturier Christian Lacroix filed for court protection from creditors (similar to Chapter 11 bankruptcy protection in the United States) on May 28, it came as no surprise - especially since the filing was timed to same-store sales comps for May, which for department stores like Neiman Marcus and Saks Fifth Avenue were...

Author: /time Magazine | Title: Fire Sale: Once Towering, the Luxury Market Teeters | 6/7/2009 | See Source »

Lacroix's chief executive, Nicolas Topiol indicated that the brand would continue, despite this setback. "Since the acquisition of Christian Lacroix SNC, we have been committed to the brand and to its high-end development," Topiol said in a statement. "We will continue to do so, but the sharp downturn of the luxury market has significantly hurt our revenues...

Author: /time Magazine | Title: Fire Sale: Once Towering, the Luxury Market Teeters | 6/7/2009 | See Source »

...path to the pulpit has been as colorful as it has been unusual for Alysa Stanton, 45, America's first-ever female African-American rabbi. Stanton, who was born to a Christian family, was formally ordained on June 6, having completed seven years of rabbinical training at Hebrew Union College-Jewish Institute of Religion in Cincinnati. Stanton will now assume her new role as the first nonwhite rabbi of Congregation Bayt Shalom, a 60-family synagogue in Greenville...

Author: /time Magazine | Title: Introducing America's First Black, Female Rabbi | 6/6/2009 | See Source »

...Part of this conviction is rooted in my own experience. I am a Christian, but my father came from a Kenyan family that includes generations of Muslims. As a boy, I spent several years in Indonesia and heard the call of the azaan at the break of dawn and the fall of dusk. As a young man, I worked in Chicago communities where many found dignity and peace in their Muslim faith...

Author: /time Magazine | Title: Full Text: President Barack Obama's Speech to the Muslim World | 6/4/2009 | See Source »

...There is also one rule that lies at the heart of every religion - that we do unto others as we would have them do unto us. This truth transcends nations and peoples - a belief that isn't new; that isn't black or white or brown; that isn't Christian, or Muslim or Jew. It's a belief that pulsed in the cradle of civilization, and that still beats in the heart of billions. It's a faith in other people, and it's what brought me here today...

Author: /time Magazine | Title: Full Text: President Barack Obama's Speech to the Muslim World | 6/4/2009 | See Source »

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