Sad — the fashion industry has taken yet another blow thanks to the recession. Phi, the label started by Susan Dell in 2003, is the latest to be affected. Its Pre-Spring line, which just landed in stores, will be its last. The Phi boutique in NYC is also expected to close down by the end of this month.

"It's a really challenging climate right now for luxury goods. There is not so much confidence in that market going forward," said chief executive officer Julia Hansen. Let's take a moment and recap Phi's greatest hits, including its tough-luxe Spring '10 line.