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There are two ways one can approach dressing for the downturn. There is the understated look, full of somber gray cashmeres and navy wools. Then there is the carefree credit crunch approach, where the clothes provide a gleeful respite from gloomy times. One tactic? Pretend you're royalty.

Regal motifs, including Elizabethan ruffs, elaborate shoulders or Empire waists have been on the runways for a few seasons now.

This season, Gareth Pugh added Elizabeth ruffs that matched his petticoats, while Dolce & Gabbana and Nina Ricci showed off puff-shouldered gowns that suggested a modern day princess. Alexander McQueen, whose celebrated Fall 2008 collection was based on monarch motifs, hasn't abandoned the theme yet: his high-necked and corseted flower gown looked appropriate for Titania, Queen of the Fairies.