The man's career trajectory keeps spinning right round, baby. Out at Target and in at Liz Claiborne, Mizrahi presented his couture collection today in the middle of the ready-to-wear season. Many of these clotheslike a black tunic dress with crystal and fur embroideryhad an old-Hollywood-at-home feel to them, though a red sweater suit read very Jacqueline Kennedy, very first lady. The show would have benefited from an edit and a bit of fun. Couture clothes, which require fittings, are for an established woman with the luxury of time, not for an active, spirited young woman with a MetroCard (i.e., the Liz Claiborne customer). Mizrahi's new position will have him designing clothes that fall between fast fashion and the couture lab, and we can't wait to see what he comes up with next.