Will established models like Agyness Deyn feel the pinch?
Fashion models are the latest to feel the pinch of the credit crunch as many are seeing their wages cut in half, Reuters reports.
‘Half price! It's half-price everywhere, in Milan, even in New York,' Anna Chyzh, who has modelled for PPQ, Ben de Lisi and couture shows, told Reuters.
Rising unemployment, shoppers cutting back and the fear of recession meant that retailers are reducing profit forecasts and marketing budgets, which of course has a knock on effect. At the Paris and Milan fashion shows last month designers hired fewer models than last year.
Premier Model Management's director Aidan Jean-Marie told Reuters that clients are now coming to them with budgets 0f £1,500 instead of the £3,000 they used to see.
Karen Diamond, director at Models 1, Agyness Deyn's agency, believes that the full impact of the crisis will hit later this year as advertising budgets and show schedules are planned far in advance. She said: "Clients will go with established models rather than giving new faces a break, and it'll be tough for new girls."
Don't feel too bad for them though, with some models commanding up to £12,000 per show, half price to them isn't exactly minimum wage!