If we think about the Cannes Film Festival, what usually springs to mind are the glamorous parties, linen-clad millionaires relaxing on their yachts and celebrities shimmying down the red carpet in the latest designer frocks at the event that can make or break a film career.

Reports from this year’s event, however, suggest some of the sheen may be coming off the festival.

Yacht rentals are reported to be down by 50 per cent, lavish events (such as the infamous Vanity Fair party) have been cancelled, caterers have reportedly dropped foie gras and champagne from their menus, and the business of buying and selling films at this year’s Cannes looks set to take a turn for the worse. And what’s to blame? The economic global downturn of course, leading to fears that the festival known for inspiring innovation and adventure in filmmaking may not live up to its name, as fewer industry professionals make their usual annual pilgrimage.

Festival director Thierry Fremauz suggested that this news could be a good thing, as attention could focus on the films being screened. “Perhaps we can think about the cinema, not the stars and the starlets and the excessiveness of Cannes,” he told Reuters news agency.

Who knows how the festival will span out over the next 11 days. All we know is that handbag.com will seek out those celebrities and fashion icons, bringing you the latest celebrity and fashion gossip from the 62nd annual festival.

Remind yourself of the glitz and glamour of last year’s Cannes here.