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Wednesday September 12, 7:09 pm Eastern Time

By Jean Scheidnes

NEW YORK, Sept 12 (Reuters) - Fashion Week, one of the biggest media events of the global fashion industry, and a New York cultural institution, was rescheduled for late October in the aftermath of the World Trade Center tragedy.

The second half of the week has been tentatively rescheduled for October 22-24, according to Fern Mallis, executive director of 7th of Sixth, the firm that has organized Fashion Week since 1993. Twice a year, the world's fashion press flock to New York and crowd into the tents at midtown's Bryant Park to critique the latest creations by both world-famous and up-and-coming designers -- heavily influencing which designs are chosen for retail sale and consumers' wardrobes.

The event brings $250 million in revenues to the city, according to 7th on Sixth's most recent estimate.

The weeklong event, officially called Mercedes-Benz Fashion Week, had started on Sept. 7 and was scheduled to conclude on Sept. 14. One show was held on Tuesday before the morning's tragic events were widely known, but all remaining shows and related events were called off.

Later that afternoon, a bomb scare sent people fleeing the park in panic, according to Tom Carney, a security guard at the tent.

Would-be attendees arrived at the tent on Wednesday morning to find the steps to the entrance barricaded, and quietly turned away after reading a written statement from 7th on Sixth. ``Thank God,'' said Alexander Bibergal, a designer from Latvia, who had planned to see the Halston show. ``It would be really unfair and uncivilized.''

The wasted efforts of the designers are ``nothing compared with what happened in New York, people losing their lives. Fashion is nothing compared with this,'' Bibergal said.

Underscoring his point, 7th on Sixth said it has offered the Bryant Park tent for the city to use for emergency services, and is exploring how the industry can collectively respond to humanitarian needs.

THE FIRST SHALL BE LAST

Fashion Week normally kicks off a month-long tour of shows, including those in Milan, London, and Paris. This time, the tour will come full circle, returning to New York after the Paris shows conclude on Oct. 13.

7th on Sixth, a unit of talent and marketing agency IMG, is still developing a plan for the second installation of shows, and will announce the details at the appropriate time, with respect to the current tragedy, the company said.

``We are in constant communication with the designers and looking into alternatives to assist the industry with shows and venues in New York City at the appropriate time,'' Mallis said in a posted statement.

The cancellation will likely fuel a recent debate that has been making its way through the fashion industry -- are fashion shows worth it at all?

It is common for designers to spend up to $400,000 to produce a large show, industry analysts said. But those budgets have been scaled back as the retail slowdown has ripped the apparel industry, and as shows are increasingly seen as a financial liability that only serves to generate press, not purchase orders.

``We will see the collections eventually,'' said Anthony Chelhay, a retail buyer from France who had planned to see the Michael Kors show on Wednesday. He added that he would try to visit the designers' showrooms later in the week.

A spokeswoman for Polo Ralph Lauren Corp. (NYSE:RL - news) said it was ``not appropriate to discuss any business ramifications,'' at this time. Designer Ralph Lauren was to show his collection on Thursday.

``The fashion industry will find ways to get their ideas out to the public,'' said analyst David Lamer of Ferris Baker Watts. ``It just doesn't seem right now would be the time to have a show of any kind.''