The fabric in the hands of Thakoon Panichgul, one of Michelle Obama’s favorite designers, is exquisite. An Italian jacquard, woven from yarns of eight different colors, it costs $100 a yard. A dress that Mr. Panichgul plans to make from the cloth for his runway show next week will cost $2,000.

He lets it fall away. It troubles Mr. Panichgul that as much as people love beautiful clothes, they do not understand why they cost so much. “It’s becoming a losing battle,” he said.

Designer fashion — the creative wellspring of the American apparel industry, the engine of style magazines, the stuff of plain old dreams — is experiencing a serious case of the blues. As another show season rolls out across the city, against the chilliest retail climate in years, many believe this is not merely a difficult moment for high-end fashion but a defining one as well. Continue Reading.