Fashion: America's Next Wave

Beyond the racks of megabrands, some fine young designers are coming on strong

Last fall, after financial constraints forced Isaac Mizrahi to discontinue his label and Todd Oldham to shut down his high-end line, discussion in the Manhattan fashion world--a group for whom a big-think question is whether or not model Esther Canadas' lips are bigger than Barbara Hershey's in Beaches--suddenly turned weighty. From where, the fashion community gravely wondered, were its future leaders going to come? In addition to the departures of Mizrahi and Oldham, designers Marc Jacobs and Michael Kors were now splitting their time between their own collections and those of the French houses Louis Vuitton and Celine, respectively. When the...

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