So we're only 24 hours into the thick of London Fashion Week and already there have been two revivals on the runway. First came Biba. Now I wasn't in the U.K., so I have less attachment to the brand than just about anyone in the London fashion universe, but the one thing I do understand that what people rave about most of all was the shop and the vibe surrounding the brand. It was about fun, funky fashion that was part of all the rule-breaking that was going on at the time. So how do you recreate a brand whose strongest image was as a gathering point? It'd be almost like trying to recreate Topshop in 30 years. Say what you will about the idea of turning a fashion-for-everyone label into one with a designer price point, at least this collection had some beautiful dresses. I was not a big fan of the Star Trek shoulders, but the fringed minis looked great. And women over 40 can always wear them as shirts.

I didn't get to the Ossie Clark show -- it wasn't even on the schedule. But those there said it was a bit too Ossie Clark. Meaning, if you're going to try and revive a brand you have to think first about what the designer would be today. Not trying to bring back what they have done. Particularly when a designer has been knocked-off as many times as Ossie has.

For those of you who are wondering why, in a city that has so many young talents, the big money is still betting on revivals the answer is simple. It's much, much cheaper to relaunch a brand with big name recognition in the public consciousness than it is to launch a new one. To illustrate my point, I asked Lisa Rachal, an analyst at Redburn Partners to gather some figures and estimates for me from Gucci Group, which is unique in being a public company with a mixed bag of new brands and relaunches.

Bottega Veneta's sales were $50m or around euro37m at the time of its acquisition by Gucci in 2001. As of the end of 2007, they had grown to euro375m or about $543m.

Balenciaga had $20m or about euro18m in revenues in 2000 before Gucci acquired them in early 2001. Today she estimates brand has sales of euro125-150 (or about $180m to $217m).

Alexander McQueen had sales of euro10m (or about $9.2m) in 2001 and was at euro50m or about $72m at the end of last year.

Of course, it's not always that easy. YSL was just under euro100m (or about $91.7m) at the time of acquisition in 2000. And has since racked up cumulative losses of euro430m or $623million, with break-even still 2-3 yrs away if it happens at all.

Of course the owners of Biba and Clark are both fashion industry players who would pull out way, way before they lost anything near that.

At least now the week is clear for London to showcase what it does best -- young talent. The good, the bad and the audacious.

Photos: CARL DE SOUZA/AFP/Getty Images