Milly's Michelle Smith was thinking of a honeymoon in Venice for Resort: the watercolor Venetian skyline print that anchors the collection (twist her arm and she'll reveal it's actually Florence); the warm, fresco yellows; the full-skirted silhouettes. Truth be told, she'd been waiting for the romantic mood to come back around. "The whole heavy-metal trend wasn't my favorite," she said.

Milly is a thriving business, and the breadth of the collection is made for devoted customers buying deeply. It didn't vary all that much from a tried-and-true collection of staple shapes (the shift dress, the classic coat, the naval skirt), but why should it? Smith's customers aren't chasing fast-moving trends. They're sold on her fine fabrics (many archival and European, sourced from her years working for Hermès and Vuitton overseas) and kitschy-cute details, like oversized buttons, as well as her expanding costume-jewelry range.