Joseph Altuzarra is at the top his game right now. His collections continue to be the perfect balance between creativity and wearability  (remember those parkas that were an instant sell out on Net-A-Porter?) and of course, he has that big J. Crew capsule collection in the works too. Just as Alexander Wang noted in an interview last year with Harper's Bazaar, while the 'IT' boy status has its perks, it often comes with a lot of downsides too.

'The fashion industry has a tendency to embrace someone and drop them,' the CFDA/Vogue Fashion Fund winner told the Washington Post. 'You don’t want to be the It boy, the flash in the pan, which is why I’m really concerned and try not to be too exposed. I don’t go to too many parties or do too much press.' But this isn't anything new. The whole musical chairs that's been going on the industry over the past year or so is illustrative of just how bad things have become.

Read more after the jump

Earlier this week, a panel consisting of Ashley Olsen, Robin Givhan and Isaac Mizrahi, met to discuss, amongst other things, the effect the recession has had on the fashion industry. The expert panel was invited by Cindi Leive, Glamour magazine's editor-in-chief, to sit as guests at the 92nd Street talk 'The Future of Fashion', and were asked their views on a range of topics including celebrity designers, Michelle Obama and designers breaking the model mould on the runway.

Read what they had to say after the jump

It looks like I am not the only one concerned about the 80's comeback this season.

Washington Post fashion critic, Robin Givhan had the following to say about the comeback:

"I think that it’s just a lack of imagination whenever so many people latch on to something like that," she said. "And I think I would feel differently if I thought it was sort of lovingly being done well and with a certain panache. But I don’t think the world needs MC Hammer pants ever, ever again. Michael Jackson is back and he wants his clothes." Her own eighties wardrobe still scares her. "I mean, acid-wash jeans, hello? Hasn’t everyone had some horrible run in with acid-wash jeans?"

Jobs for everyone! Ingrid Sischy of Interview and girlfriend Sandy Brant of Brant Publications will step in as international editors for Russian Vogue and Vogue Deutsch. Meanwhile, The Washington Post's Robin Givhan is moving from NYC to DC to write about Michelle Obama.

Some of our favourites are sticking around, even if there's a bit of pot-stirring going on.