Although the media has not stopped hammering the message of an economic downturn, it seems the high end brands have been relishing in profits and brand expansion. According to a report on Vogue.co.uk Paul Smith has seen a boost in sales, accumulating a total of £196 million in the past year. Sales boosted 12%, whereas profits rose 36% to £34 million.

"The group continued to grow total sales across the retail, wholesale and licensed businesses," a company statement read. "Wholesale orders increased year on year, surpassing order levels achieved before the downturn. Retail sales benefitted from new shop openings as well as increased sales on a like for like basis in existing shops and on the internet. Despite a very difficult year in the Japanese market, licensed income increased during the year."

The label also has plans to expand in 2012 with new stores opening in Amsterdam and Melbourne. Paul Smith will also be extending its London Albermarle Street store.

However, there is a different version of this story for high street brands as even the biggest of all, Arcadia Group (owners of Topshop and Dorothy Perkins among many other high street treasures) have been hit hard closing down stores left, right and centre. It seems now shoppers are looking for more exclusive items and finding commodities that the high street cannot cater.

Instead of treating ourselves to guilty pleasures that doesn’t cost an arm and a leg, we are finding ourselves on websites that offer luxurious and prestigious products. Replacing that high street branded t-shirt is comfort and quality found in high end stores and instead of buying that mass produced necklace we’re searching for custom made jewellery that makes us feel special. So is this really the end of fast fashion?