Amid ever-worsening economic news, Chanel announced on Friday that it would cancel the remaining tour stops for its inventive traveling exhibition "Mobile Art," reports Women's Wear Daily.

Conceived by Chanel designer Karl Lagerfeld and architect Zaha Hadid, the exhibition of works by 20 artists including Daniel Buren, Yoko Ono, and Wim Delvoye, and installed in a handbag-inspired, pod-like structure designed by Hadid, was widely considered one of the most ambitious, if not ostentatious, collaborations between the worlds of art and fashion. The show has already been seen in Hong Kong, Tokyo, and New York; stops to London, Moscow, and Paris are being canceled. Chanel has not disclosed the project's costs.

Reception of the project was mixed. Nicholai Ouroussoff, architecture critic at the New York Times, wrote: “The pavilion sets out to drape an aura of refinement over a cynical marketing gimmick. Surveying its self-important exhibits, you can’t help but hope that the era of exploiting the so-called intersection of architecture, art, and fashion is finally over."

The decision coincides with a widespread downturn in advertising spending and, according to WWD, "reflects a new sobriety for luxurious endeavors."

“Considering the current economic crisis, we decided it was best tostop the project,” said a Chanel spokeswoman. “We will be concentratingon strategic growth investments.”

But Lagerfeld said the decision was an artistic one: “We had so much press [after Hong Kong and Tokyo] that there was little more to add,” he said. “I told Mr. [Alain] Wertheimer [owner of Chanel] not to do New York. It would have been good if we changed the artists, and used New York artists. Otherwise there was nothing to add. Today, everyone can say that something is for financial reasons when they want. For me, artistic reasons are more important. I always thought the building was a sculpture. I prefer it empty.”

The designer said that the pod will be installed in the courtyard of a new factory being built outside of Paris and will hold temporary exhibits.