How Britain's fashion world reacted to the news that London will be the host of the 2012 Olympics:

"This is such great news," said Manolo Blahnik. "This will be absolutely an inspiration to me. There will no doubt be some Olympic boots in a future collection."

And Stella McCartney, whose Adidas collection is a best seller, is already planning her contribution, too. "I would love to get the team looking extrafine in our gear," she said. "My favourite events are the gymnastics and tri-athletics," said Julien Macdonald. "And my designs for the Games would be very glamorous."

This will be the first time the Games have been held in London since 1948 and the city will be the first to have hosted them three times. While TopShop said yesterday that it was already gearing up to handle extra shoppers with an expanded shop format that will be unveiled later in the year, Caroline Collis, founder of Browns Bride on Brook Street, says it will simply affect everything. "Retail, property, the economy – and people's spirits," she said. "I never really thought of myself as the patriotic sort, but London really deserved this."

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