The fashion industry has notoriously followed economic trends and, with the global economic recession hitting nearly every major market this time around, the industry has been heavily hit. Fashion houses have closed and downsized worldwide. This has pushed designers to be inventive.

And while I’m not attending Milan’s Fall/Winter 2010 fashion week (although I’d love to one day) I’m following the articles and viewing hundreds of pictures. According to these sources, the menswear fashion industry is headed back to basics.

Think preppy. Think classic. Think timeless.

Crew neck sweaters, classic sports jackets, loafers and casual pants lined the runways. Even the colors are elementary. Camel tones, black and navy were the colors of choice.

Frida Giannini, the creative director for Gucci, said earlier in the week that “the moment calls for timeless rather than seasonal fashions.”

For designers, timeless doesn’t mean boring or frumpy. It means classic and sophisticated. Jackets are still well tailored. Pant legs are slim.

As further proof this year’s fashion show is fueled by the recession and the woes many are experiencing, Donatella Versace named her collection ‘anticrisis.’