From New York to London, Paris and Milan, fashion houses, particularly smaller ones, have cut back on catwalk expenses while others have pulled shows altogether as the luxury sector feels growing pain from the downturn.

At Milan womenswear fashion week which ends March 4, the number of shows slipped to 79 against 99 last year.

"There are fewer catwalk shows but more presentations," Mario Boselli, chairman of Italy's National Chamber of Fashion, said, adding more brands were presenting overall at the week.

Examples of brands staying off the podiums include La Perla, which opted for presentations by appointment.

In January, there were 20 percent fewer shows at menswear fashion week, Boselli said. Italy's textile and clothing sector is already seeking government help as the crisis sweeps into the demand for clothes and accessories.