Models prepare backstage during the London Fashion Week at the Royal Festival Hall. The fashion week in the English capital is famous for presenting some of the world's most avant garde designers, but the event has this year felt the sting of the global downturn. The European luxury market has declined by nearly 6 percent to about €81 billion ($119.5 billion) compared to 2008, and the bleak colors on the catwalk reflected the depressed mood.