Muffy would be pleased. Thanks to the return of crayon-colored hues in spring and summer fashions, the casual look of the prep-school set is chic again. Standard bearers of the style like Lacoste, maker of the alligator-adorned polo shirt, and Sebago, of Docksides fame, have relaunched their hallmark items with a modern flavor. Retailers like Urban Outfitters, which rode the grunge wave in the past decade, are stocking up on such preppy classics as candy-colored ribbon belts and wood-handled Bermuda bags. Isaac Mizrahi showed preppy-inspired outfits, right, from his latest collection last week in New York City--available at Target stores. Even...
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