Far be it from me to criticize designers when they get creative, try something new or push the envelope. That's fashion.

But, is it me, or are designers presenting collections in Paris this week getting downright costume-y? More than a few of them have gone from subtle references in their collections to frighteningly literal representations of sea creatures, Roman gladiators or whatever else inspires them.

Take Louis Vuitton's show yesterday. Marc Jacobs used giant Afro wigs-the kind you'd pick up on the Halloween aisle-in his presentation. Disappointingly, the Afros were the only things unifying the collection comprised of everything but the kitchen sink (Davy Crockett fur, American Indian accessories, military looks, hippie, club kid, etc.).

Alexander McQueen called his show Plato's Atlantis. With hair sculpted into reptilian fins, models walked by in oversize platformed shoes that looked like heads-scary in more ways than one (you could probably break an ankle in those things). Reptilian patterns, scales and otherworldly silhouettes brought home the idea that we all came from ancient creatures of the deep.

It was a chainsaw massacre at Viktor & Rolf. Paying homage to the economy, the duo took a chainsaw to tulle gowns, cocktail gowns and jackets. To be fair, you expect this sort of thing from these fashion pranksters. These guys have been poking fun at the industry for years (and laughing all the way to the bank).

As designers march their winter haute couture collections down runways in Paris this week, one has the feeling we're witnessing the end of an era. Only a handful of women in the world can afford this level of craftsmanship and, in the throws of the most diabolical recession we've ever seen, even they are pulling in their gilded belts. More's the pity.

As a result, this may be the last of Christian Lacroix. A few days ago, the designer showed a jaw-dropping collection every bit worthy of his couturier status. But his house is in such a financial mess, it needs a buyer to survive.

Lacroix is not alone, of course. Earlier this year, I asked a CEO of a high-end Italian fabric company how he was planning to celebrate the company's anniversary. "We'll barely be able to afford a birthday cake!" he joked.

Meanwhile, New York's famed specialty store Henri Bendel has stopped selling designer clothes altogether. Beginning this fall, the store will focus exclusively on selling smaller ticket items like jewelry, handbags, fragrance and gifts. It's a well-known fact that accessories sales are the bread-and-butter of retailers and fashion houses. Runway looks, especially haute couture, are more about creating publicity and brand image. But learning that H. Bendel will no longer be selling designer clothing is a little like discovering the coolest kid at school is into Dungeons & Dragons. It's just sad.

The luxury segment-particularly fashion and jewelry-has skirted trouble for years. In Deluxe: How Luxury Lost Its Luster out a few years ago, reporter Dana Thomas chronicled how the then $157 billion luxury goods industry eschewed exclusivity-a key characteristic of luxury-in order to rack up mass sales.

Still, few predicted the floor would drop out quite like this. "You can't justify premiums these days with the same old stuff," says Milton Pedreza, CEO of the Luxury Institute, noting luxury companies will be forced to reinvent themselves to stay relevant. "Many people feel like luxury has duped them into buying ubiquitous products. The main principles-great design, superior quality, heritage and service-need to be upped quite a bit."

At his Paris fashion show on Sunday, the ever-entertaining Karl Lagerfeld debuted a new line of luxurious mink-covered scooter helmets with built-in iPod capability. The over-the-top accessories were created in collaboration with French luxury helmet maker Les Ateliers Ruby and Apple. They're road legal and feature full carbon fiber shells and ultra-soft burgundy nappa lambskin linings. The iPod hookup lets you pipe music directly to the earpieces.

Lagerfeld, who also heads up Chanel and Fendi, showed matching mink vests and other garments in the futuristic fashion show for his eponymous label. Apparently the haute helmets are Lagerfeld's comment on the recessed economy. "Now everyone is on scooters, even chic women, so we had to do the helmet," he explained. No word yet on when the helmets might be made available for sale or what their price would be, but safe to say they'll be extremely expensive.

Tuesday brought another round of dazzling shows in Paris. Karl Lagerfeld's Chanel show was black and white and true to the heart of Chanel. Against a backdrop of white paper flowers including Chanel's signature camellias, models paraded by in silhouettes that were blocky but ornate with details like sequins and passementerie and topped by giant flowered confections serving as hats. The entire collection was a showcase of the intricate detail that defines haute couture. One could look at the pieces and imagine the hours of painstakingly detailed work.

Of course no Chanel experience is complete without a Karl quote. Reuters delivers another one of Lagerfeld's pronouncements on the recession. Lagerfeld's latest words reiterate the statements that he made earlier on the healing qualities of the recession. He likens the recession to "having an upset stomach from eating too many good things." His bright white and cream wardrobe of baroque simplicity is meant to be an antidote to the age of excess.

Amidst the catwalk flurry at Paris Fashion Week, a new collaboration made its debut: Evian and Jean Paul Gaultier. In the second of its designer series (the first pairing was with Christian Lacroix), Evian announces its release of two bottles designed by the Hermès creative director.

Gaultier has fashioned the Prêt-à-Porter bottle (interlocking snowflakes, oversized lettering) and the Haute Couture bottle (only seven produced worldwide). The Prêt-à-Porter version is available for pre-order on shopevian.com at $13.95 a bottle.