The economic crisis has claimed a new fashion victim. First we heard the latest Louis Vuitton store in Japan is on ice, and now it seems the Chanel Mobile Art Pavilion will wrap up its world tour early. The futuristic pavilion, designed by award winning architect Zaha Hadid, showcased modern artworks paying tribute to the Chanel 2.55 handbag. The display celebrated the 50th anniversary of the iconic quilted purse.

New York is now the last stop on the tour, with planned showings in London, Paris, and Moscow scrapped.

"Considering the current economic crisis, we decided it was best to stop the project. We will be concentrating on strategic growth investments," said a spokeswoman for the French fashion house.

The fashion world has been hit hard by the global financial crisis, with many labels scaling back their budgets, staff, Christmas parties and runway shows. When times are tough, luxuries are always the first to go!

[Source: Hollywood Life]
[Image Source: Dawvon/Flickr]

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