Every summer, style setters from Malibu to Montauk tend to obsess over a singular fashion item. This season the must-have look is the poncho--preferably in a loose wool knit with funky fringe (never mind that it's 90 outside). Designers like Michael Kors featured them for fall, left, and celebs like Keira Knightley have already been spotted sporting the '70s style. All that's missing are the moccasins. --By Kate Betts
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