The French designer was synonymous with striped sweaters and Left Bank insouciance.
The music star had launched the collection last February during New York Fashion Week.
Inventories are being kept tight in hope of increasing full-price selling and reducing markdowns.
First Lady Michelle Obama skipped the National Design Awards but sent White House social secretary Desirée Rogers in her place.
Simon Doonan calls the recession “a colossal bore” in the November/December issue of Departures.