Last night, Reed Krakoff turned his Madison Avenue boutique into a mini exhibition space for Parsons The New School for Design’s most promising seniors and invited fashion world VIPs like Phillip Lim, Saks’ Ron Frasch, and Theory’s Andrew Rosen to examine their creations. “We have a saying; it’s ‘We don’t mess around,’ ” Parsons dean Simon Collins said as he gave Krakoff a tour of the students’ designs. You couldn’t find a person in the crowd who would dispute it. The workmanship was topnotch and you could believably picture Theresa Matthias’ tweed and neoprene bonded dress or Angelica Casaverde’s silk twill parka on a department store floor. Lingering over a taupe shift hand-embroidered with purple and peach beads by Kathy Sow (above), Krakoff, who will be honored at Parsons’ Fashion Benefit later this month, said, “They’re different than we were when I was in design school. No one has said something obvious like, ‘It’s about the seventies.’ They’re more intellectual.” No word on whether he snapped up any of the students for his own design studios.