Now Open: Fashion Factory Boutique on Beverly

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Though Fashion Factory opened a couple weeks ago, taking the place of Oliver on Beverly Boulevard, just west of La Cienega, its grand opening is not until May 6, from the press release: "Fashion Factory Boutique is the first of its kind in Los Angeles, offering luxury designer men’s and women’s clothing, shoes and accessories at 40% to 80% below suggested retail." The merch is not totally in at this point, but we found tons of D&G for men, women and kids, including shoes. There was also a rack of M Missoni dresses. For men, there were racks of Italian suits and a whole wall of denim. Since the stock is designer, much of it is still in the $200-$300 range.

The shop's opening is right in line with the recent Wall Street Journal article, which describes how luxury retailers such as Saks Fifth Avenue, Cole Haan, Liz Claiborne and Talbots are "Bracing for a prolonged economic downturn...lavishing new attention on their lower-end factory-outlet stores. The efforts reflect a new reality for retailers that are being squeezed by one of the worst consumer spending slumps in years. Sales at outlet stores are growing faster than those at full-priced stores at many chains." So, Fashion Factory may have a very prosperous future in the economy continues to suck. Apparently, confirmed guests for the opening event like Jenna Jameson, The Cheetah Girls and Rex Lee, also want to get in on the deals. Although, Rex Lee wants to get in on everything based on his overall party attendance. Seriously, that guy is at everything! [Racked Inbox]