Let other designers have their springtime florals and pastels. Milly's Michelle Smith is going for something darker. "It sounds funny," Smith, best known for her bright sixties-inspired shifts, said backstage today, "but basing a whole collection around the color black felt really fresh and unexpected."

Smith stuck with her tried-and-true silhouettes—sheaths, minishorts, and swingy elbow-sleeve coats with oversize buttons—giving the ebony versions a touch of whimsy with dramatic gold embellishment around necklines and hems.

The real story today, though, was the debut of Milly's costume jewelry. A longtime collector herself, Smith weighed down her models with tangles of chunky chain necklaces and stacked bangles that, even worn solo, are standout statement pieces priced well at $200 to $400.