By  on January 8, 2009

MILAN — Since the economic meltdown, executives at European fashion houses have been sounding off about a return to basics, which many view as the best way to minimize a projected 3 to 7 percent contraction in fashion and luxury industry revenues this year.

“During a crisis of this scope, the winners are always those who are able to offer the market a surplus of creativity and new products,” Patrizio Bertelli, Prada’s chairman and chief executive officer, told WWD. “This means that we need to focus even more on our brands’ most traditional values: innovation, originality and uncompromised quality.”

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