Time flies when you're having fun. So it may surprise the horde of friends and fans who jostle into PPQ each season that the label is celebrating a decade in business. According to Amy Molyneaux and Percy Parker, that's high time to give their house a little gravitas via a PPQ crest. "I think it's a rite of passage when you've been around for that long," Molyneaux said backstage.

Discretion, of course, is anathema here. This pair's execution may get spotty, but credit them with a consistent aesthetic. Their Spring muse—a wealthy more-is-more Dallas maven, the kind who likes her powdery pink suits as much as she does her diamonds and denim—was ripe for an alphabet soup of Ps and Qs. The logo mania played trashy-cute on a sky blue print with roses, and cleverly faux-luxe on a colorful foulard that was right on trend in silk pajama pants. You could see those hitting the street and making sense, but it's sometimes hard to parse this collection—to know what's meant to be worn, and what's meant just for kicks. Happily, a new denim collaboration with Lee of workwear shirts, little cutoffs, and skinny jeans—all appliquéd with rose heads, keys, and Ps and Qs—had an immediate enough appeal to escape that conundrum.

Still, Molyneaux and Parker are actually reining in their various collaborations to retool their business and perhaps make inroads outside the U.K. "We were doing too many things," Molyneaux says. "We've condensed, and now we're going back out." Decade number two, here they come.