The It Factor

The aughts revival in fashion is bringing back the showpiece accessory in all its glory.

- Eric Wilson

It Bags were over in 2008, or so declared trend pieces in the New York Times and Wall Street Journal. In the face of the biggest financial collapse since the Great Depression, the very notion of those symbols of turn-of-the-century conspicuous consumption-the Fendi Baguettes, the Chloé Paddingtons, the Dior Saddles, and many others that cost $1,000 or more, an astounding amount at the time-suddenly seemed vulgar. There were reports of the superrich camouflaging their Birkins inside drugstore shopping bags.

Funny how quaint that all sounds today, when prices of some of the most covetable bags of the season now approach five figures, and the resale market for bygone icons like Louis Vuitton's Takashi Murakami collaborative series has become an industry unto itself. But times have changed, and what appears to be a resurgence of notably bigger and bolder accessories (and not just bags) on the runways in fact marks a more nuanced approach to designing for an audience that has come to appreciate statement-making excess as an investment opportunity.

"The more fantastical the accessory, the better in this moment," says Paul Andrew, the former Ferragamo creative director, who relaunched his signature footwear collection for fall. While Andrew was once pegged as an aspirant to the throne of Manolo for his uptown, ladylike style, his new collection is decidedly flashier, with glittering plexiglass wedges and Swarovski crystal heels, inspired by what he sees as a return to the '90s-era eroticism of Tom Ford at Gucci. "People have this pent-up desire to get dressed up again after years of being at home, Andrew says. "There's also this Instagram culture, where everything is more sexual," not to mention shows like Elite and Euphoria "that are very forward in the way that youth present themselves and their bodies."