Article: Will They End Up Fashion Victims?; As top designers size up the economy, their fear is . . .

Designer Carmen Marc Valvo, measuring tape draped around his neck, searches under a pile of glossy fashion photographs, coffee- table books and swatches of expensive lace for tangible evidence of his anxiety about the economic recession and its effect on his industry -- one that peddles luxuries, dreams and frippery. Valvo pulls out a stack of pencil sketches done during his recent Costa Rican vacation and spreads them on his desk. There lies his original, angst-ridden vision for fall 2009.

"It was going to be a SoHo-hobo collection," Valvo says. "It was going to be all crazy patchwork made from recycled fabric, worn with fingerless, homeless gloves and construction boots. It was going ...

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