Elaborating on the effortless luxe of her Fall collection—you could call it bathrobe chic—Donna Karan sent out a slouchy, sexy, and provocative lineup for Spring. It consisted predominantly of dresses—draped loosely from structured shoulders, wrapping around the hips, short and slit up the thigh, or often all three. "Liquid Assets," she called the show, and she chose fabrics with skim-y, languid possibilities like matte charmeuse and satin jersey. What Karan has done in the past for shoulders—one of her all-time favorite erogenous zones—this season she's doing for the décolleté. There were acres of it on display, and Karan's color palette of warm earth tones with accents of citrus and aquamarine was just as seductive.

The show's few hard edges came via strong-shouldered jackets, but even those were paired with liquid jersey tops that dipped low in front above crystal-studded miniskirts, as if you'd borrowed your husband's sport coat or trench for the short walk home from a late-night party. No, you won't be heading to the office in much of what Karan showed today, nor will much of it play in daylight hours. But what a vacation wardrobe it would be.