Five tips for picking wines, from gifting the right bottle to choosing the right words for that impromptu holiday toast, that will help make sure the evening is just as stellar as your job review.

  Hurt by the economy and upper-income Americans reigning in their spending, luxury retailers like Prada, Gucci, and Lanvin are cutting prices on their collections.

  The credit crunch and trade tensions are hurting U.S. mills that were already struggling ahead of the downturn. With billions of dollars at stake, textile mills owners look to the government for help.

  Corporate America is going back to formal—dress that is. Business sloppy is out, suits and tiesare in. The most important advice about how to get ready in the morning? Dress the part.

  Wal-Mart has $8 billion. Coach has $9.9 million. Polo has $9.3 million. Retailers who managed to build up their cash reserves despite the downturn may be finally ready to put their money to work.

  What do you do when you're a luxury watchmaker but people are increasingly checking the time on their iPhones and BlackBerrys? Enlist some help from celeb friends like Cindy Crawford and George Clooney, of course.

  Like many economic indicators, this year’s holiday party may be a shadow of its former self.

  Luxury has usually managed to escape the deep hits that the rest of retail suffers during a downturn. But this recession was very different, and it leaves behind a sector with fewer players and a new set of rules.

  What you wear when admitting you’ve been caught red-handed can go a long way toward gaining public sympathy, infamy, and—eventually—forgiveness.

  Fashion used to be all about excess, mystery, and outlandish prices. But haute couture is not immune to the economy, and some in the industry are embracing the warts-and-all accessibility aesthetic.