At least one major industry executive isn't pussyfooting around the "R" word: Lew Frankfort, chairman and chief executive of Coach Inc., said the economy is in the midst of a consumer-led recession.
In an interview Wednesday, Frankfort said the recession began in December and "is unlikely to evaporate any time soon. A tax stimulus package will help, but this recession needs to run its course. Things should start improving in the second half of calendar [year] 2008."
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"