But given the somber mood that has set in after the terrorist attacks in New York and at the Pentagon yesterday, organizers are asking that designers forego the traditional parties, cocktails and other cosmopolitan events that typically accompany fashion week.

"I can't imagine anyone has any desire to go to a cocktail [party] at a moment like this," said Mario Boselli, president of Camera Nationale della Moda. "Our orientation is to go ahead but to distinguish between the work aspect of the shows themselves and the more frivolous events that normally surround them. Canceling the shows would only be giving in to those criminals."

Boselli said that the decision to go ahead with Milan's shows has been taken in agreement with his French counterpart, Didier Grumbach. Paris shows are currently slated to begin on October 5, right after those of Milan.

The Camera Nationale della Moda said that it had not received any calls from designers, many who are still in New York, about the possibility of changing show dates.

"Activity must go ahead," agreed Carlo Pambianco, the head of Milan fashion consultancy Pambianco Strategie di Impresa. "Stopping the shows would have no meaning."

At the same time, both Pambianco and Boselli agree that NY organizers did the right thing by canceling the remainder of fashion shows there this week. Indeed, Pambianco and Italian bank IntesaBCI have just postponed a conference on Italian fashion strategies originally scheduled for tomorrow until next month, citing the serious events in the U.S.

A spokeswoman for Prada in Milan told FWD that the fashion company believes it owes it to its some 10,000 employees to show in Milan, since presenting its products represent a necessary element in guaranteeing a strong future for the group and those who work for Prada.

But she said that "the tone of the show will be strictly professional, it will not be party like or high key. This is how our fashion shows have always been and now it will be doubly so."

In a short statement, the Armani Group said that it had cancelled all planned New York events due to the U.S. tragedy and expressed its thoughts and prayers for all those affected. But Armani also indicated that the show would go on in Milan.

The group noted that Giorgio Armani has offered the Council of Fashion Designers of America the use of the Armani Group's theatre facilities in Milan for any American designer who wants to present their collections during Milan's fashion week.

Meanwhile, market watchers expect that this week's events are likely to have an effect not only on the tone of fashion shows, but also on the performance of the business itself. "It's difficult to say just what the concrete impact could be since it's difficult to find anything comparable," said one Milan analyst.

"But I can imagine that it will continue to have a negative impact on stock markets, with consumers becoming more cautious."

"It's obvious that it can't be positive and we see it as highly negative," said Boselli, who compares the attacks in the U.S. to a war. "People will have little desire to travel and are also likely to consume less."

But the Camera Nationale della Moda chief believes that after an initial moment of anger and sadness there could also be a desire to rebuild like that seen after World War II, which could help improve the outlook for consumption in the U.S.