Quotes from the Global Luxury summit on Tuesday

NEW YORK (Reuters) - Here is a selection of quotes from the Reuters Global Luxury Summit on Tuesday:

MILTON PEDRAZA, CEO, LUXURY INSTITUTE:

"This severe downturn really has been a catalyst for opening luxury executives' minds from the Victorian age now into the 21st century."

RAMESH PRABHAKAR, MANAGING PARTNER FOR RIVOLI GROUP:

"This is an episode people won't forget in a hurry. The whole financial model has disintegrated. People will be cautious, will think twice."

GERALD LAWLESS, EXECUTIVE CHAIRMAN OF JUMEIRAH GROUP

"The era of big spending is not over. People who know and enjoy luxury hotels do not trade down. They might on an airline ticket but not on a hotel."

STEPHEN SADOVE, CHAIRMAN AND CEO, SAKS INC:

"Luxury is not about fast fashion."