Czar's descendants re-launch Roaring 20s fashion house by Magdalena Rosova

Descendants of Russia's fallen czars and the world's fashion cream celebrated the re-launch of a 1920s label founded by Bolshevik exiles Romanovs and Yusupovs on Monday. Open-air evening launch was held in Palais de Tokyo in posh part of Paris. “This is incredible, a dream,” said Countess Xenia Sheremeteva-Yusupov, grand-daughter of a couple who founded Irfe, a famous fashion house, in 1924. Felix Yusupov, descendant of a Russian dynasty inherited one of the biggest fortunes in Russia. In 1914 he married Princess Irini Romanov, who was one of the most beautiful women of the times. Together they left Russia in 1919 and moved first to Italy, then settled in France. As a lovers of fine arts and fine things, they founded a fashion house Irfe in Paris. First collection was launched in the Ritz and then showed in their own theatre in Paris. Irfe offered hand-embroidered and hand-painted elegant clothes, but crashed in 1931 because of the straits of its clients after the Great Depression. Monday's 2008 revival brought back the glory days. The Irfe renaissance collection showed evening tuxedos, flowing gowns, swathes of fur and some chic day-coasts. Designer Olga Sorokina said her aim was “revival of Russian tradition.” Irfe is planning to open a store in Moscow next winter and then open boutiques in Milan and Paris. "This brand is so much part of Russian history that there was no problem in finding investors," said Sorokina. Countess Xenia Sheremeteva-Yusupov has given her blessing to the reviviscence of Irfe, saying it was idea of Sorokina. Even though reports on manufacturing are pessimistic, it has been reported strong exports for U.S. factories. “This market is craving anything positive,” said Ryan Detrick, technical strategist. Market has sold off so much and traders found GM's weak but better-than-expected sales as a buying opportunity. That gave the a small gain.Oil settled at a cost $140.97 a barrel after rising above $143 per barrel.Although manufacturing unexpectedly increased in June, deeper look shows that prices companies paid for fuel and materials grew as a demand shrank. Taken as whole, the report turned out to be negative.Traders were also upset because of drop caused by slump in housing. Construction spending fell less then it has been forecast.The market is nervous about companies' issuing earnings and outlook coming next week. It is expected to impact the oil price. The continuing climb of crude price is causing even more economic troubles.

related story: http://news.yahoo.com/s/ap/20080701/ap_en_ot/france_fashion_russia

by Magdalena Rosova for PocketNews (http://pocketnews.tv)

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