Backstage, Véronique Leroy explained the look of her Fall show as "précaire de luxe"—that is, very roughly translated, "hobo deluxe," someone precariously living the lush life who could lose it all in the blink of an eye.

The luxury element was clear. The designer's haute bums mixed their crystal-edged brown tweed coats and jackets with high-waisted leopard-print pants or laser-cut eyelet skirts. Dresses came with high necks, strong shoulders, and long sleeves, with a whiff of the eighties that was echoed in a gray funnel-neck coat.

Where the hobo bit came in was tougher to suss out. Maybe it was all that laser-cutting—not only on a high-necked eyelet blouse and long skirt, but also later on a leopard dress and a longish man's jacket and vest in tweed. It's anybody's guess how the crystal-studded miniature dogs perched on the models' shoulders fit the story line; in any case, Fifi and Lulu probably won't find too many real-world owners. As for the clothes, they'll stand a better chance sans the holes.