The red-hot luxury retail sector is showing its first signs of a slowdown.
Upscale brands - Giorgio Armani, Hugo Boss, Gucci and Versace - are seeing orders or parts of orders put on hold by retailers nervous about the holiday shopping season, sources said.
"This is the first time I've heard these upper-end vendors getting any push back [on delivery] from retail," one person said.
The upscale brands were not yet seeing orders canceled, but delivery delays only weeks before the busy holiday season could be an ominous sign for the economy.
Until now, luxury goods have been immune to the mortgage meltdown and credit crunch. The Merrill Lynch Luxury & Lifestyle Index is up 11.7 percent this year.