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Leave it to a new generation of designers—Proenza Schouler, Alexander Wang, and London's Meadham Kirchhoff, included—to revitalize the eighties, a decade most of us were happy to say goodbye to forever. Shoulder pads? If Balmain's Christophe Decarnin is involved, bring 'em on. Ditto ripped denim and shredded lace. They're back, all right, but these aren't the Wall Street eighties; this time around they're positively 8th Street.

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