According to the program notes, designer Michelle Smith views herself as her own muse each season. If her growing business is any indication—Milly recently opened an in-shop boutique at Harrods, and Jill Biden wore a houndstooth Milly shift on Inauguration Day, sparking a spike in sales—she has good taste. The cool-creative style of New York's galleristas was the jumping-off point for her latest effort, but the focus, as always, was on striking a balance between versatility and wearability. The designer had fun with tweed, turning out a rubberized swing coat and wool separates shot through with gold thread. The short cocktail frock, Milly's bread and butter, turned up in velvet with a pleated silk collar, in fringed micro-tweed, and in an incarnation bearing tassel embroidery. OK, there weren't too many new ideas here, but if ain't broken, why fix it?