Fashion superstars Marc Jacobs and Robert Duffy won't be sending in the clowns this year.
In a surprising email sent on Tuesday, the Louis Vuitton co-directors blamed the "financial climate" for the sudden cancellation of their Rock and Roll Circus holiday party.
"I had to make the decision to cancel the 2008 holiday party," Duffy alerted employees and friends.
"It pains me as this has been a Marc Jacobs tradition for the past 18 years. Hopefully it will be reinstated next year."
So, no gift bags then?