Milan fashion week is in full swing but all is not well behind the gilded facade. With markets falling, there is a danger the so-far dependable Russian and Asian buyers might choose to invest in something less ephemeral than chiffon and lace.

While the very top-end might be unaffected, unease at the broader impact of a downturn is mounting. That mood was best captured on Milan's catwalks this week when a Prada model tottered over in her high heels - a wobbly moment that echoed the fashion company's decision not to risk an initial public offering until market turmoil subsides.