There was once a time when the resort/cruise collections were made for the rarefied woman who could afford to escape the winter by heading to the tropics (she needed swimwear and a caftan, did she not?). Not anymore. While still a David to the Goliath fall and spring collections, resort is catching the attention of more and more people.

Like air travel and cell phones, is resort bound for the masses?

Collections are just now beginning to hit stores and, for a season that's ostensibly all about lounging around on the beach or the deck of a boat, there's a lot of fashion news to digest: optical motifs, exotic locales like Marrakesh, sheer, leathers for day, aquatic, scuba, old-world charm, draping and, of course, nautical.

The media is doing their part. Fashion magazines are pointing out 'It items' like the floral ribbon-laced sandal from Prada, a bright green croc tote from Roberto Cavalli and pretty much everything in Chanel's stunning parade of black and white caftans and graphics (above).

Fashion insiders have long contended resort/cruise is either an evolution of fall or a preview of spring. That's not necessarily the case today, says style and beauty expert Mary Alice Stephenson. Stephenson explained to me this week that fashion has become like fast food and designers are compelled to feed the hungry. In other words, a resort collection must stand on its own.

"People want whatever's new," she says. "And designers like to keep customers surprised with their unique point of view. Shoppers are putting more thought into their splurges. So designers have to seduce the buyer with making the pieces usable in every aspect of their lives."

Others tell me resort/cruise is the one time designers get to cut loose and get creative. Saleability is less of an issue for a season that lasts, at most, two months. Of course, some designers go overboard. Calvin Klein designer Francisco Costa caught hell from my former employer Women's Wear Daily for his lineup of transparent dresses: "A long-standing argument against such [formal runway] presentations for resort is that inevitably some designers will crossover to the too-editorial side." Too-editorial means that those dress will have nothing whatsoever with how you and I dress in reality.

Still, as buyers we are demanding uniqueness, a slice of our favorite label. We want pieces to seamlessly integrate into our wardrobes. We want reality. And we want season-less items to wear far into next year.

We want it all, don't we?

Designers are in the midst of a heated argument at Milan fashion week-whether one should dress for sex or dress for abstinence in a global recession. Seems a fitting debate in a country where the famously womanizing Italian Prime Minister Silvio Berlusconi and Pope Benedict XVI are its two most powerful leaders

On the celibate team sits Miuccia Prada, who practices restraint on a regular basis (well, by Italian standards). She further reigned in her collection (well, by Prada standards) to include charcoal knee-length walking shorts, Fifties-style swimwear and demure day dresses. The ever quirky Marni showed knee-length shorts and paired them with thick-strapped shoes with thick soles worn with beige ankle socks (I can hear my boyfriend's protests now). Roberto Cavalli went AWOL from his I'm-too-sexy position in the marketplace, putting out modest peasant dresses with hems stopping mid-calf.

Then again, sex sells. Versace stayed true to form. Sex, sex and more sex with Donatella's brand of cigarettes afterward, thank you. Slits cut up to there. Necklines cut down to there. Cut-outs revealing erogenous zones. Towering stilettos. Short, short, short. (Definitely more my boyfriend's speed, I'm guessing.)

I'm not generally a believer in fashion trends as oracles but if we are looking to runway shoes for a hint of the future then maybe glamorous carefree days are ahead. The recent Prada show in Milan showcased crystals which were worn as a glittering mesh over skintight outfits or even more fabulously, dangling from kicky Lucite heeled sandals. The effect was dazzling, a flash of color and light with each step. No word yet on price but truly crafty girls could probably craft their own with a few chandelier crystals.

What are OTKs, you ask? Over-the-knee boots. And if you follow fashion even a little, you know that OTKs, or thigh high boots, are having a moment.

This is no small trend. Shop for OTKs online and not just designer shoe companies pop up (Christian Louboutin, Jimmy Choo, Sigerson Morrison, Stuart Weitzman and Sergio Rossi have some of the best versions). More than 300 brands have gotten in on the action, including denim labels like 7 For All Mankind and Lucky Brand Jeans.

Clearly, designers are ready to cash on what they're betting will be a big, big trend this fall. But this week, I talked wto noted trend expert Tom Julian who's currently flying around the country promoting his book Nordstrom Guide to Men's Style. He's been speaking to random shoppers-both men and women-and all say they will buy items that have a longer lifespan than just one season. Whether or not OTKs fit the bill remains to be seen.

OTKs present another problem, too. Because of their close association with the world's oldest profession, pulling the look off can be downright, ahem, tricky.

Here's how the designers think you should do it: Miuccia Prada paired high-high leather waders with tweed short shorts and heavy sweaters. Hussein Chalayan added garters (pictured above) to his high-heeled versions, then presented them with short dresses and tailored boyfriend jackets. Louis Vuitton balanced his tough-girl versions with nothing but flounce-ruffles, balloon dresses and draped skirts.

At New York fashion week, several trendsetters took their shiny new OTKs out for a spin. Most, like Halle Berry on Jay Leno a few nights ago, chose to pair the boots with a super short dress. It was sexy, but was it chic? What do you think?

Here's my take: As long as you meet head-on the sexiness of an OTK with something NOT sexy, you'll wipe out even the tiniest whiff of stripper. For example, the sexier the dress, the flatter the boot should be. Got a killer pair of OTKs with a stilleto heel? Rock the look with a boxy boyfriend blazer or slouchy sweater. Julian says that when it comes to knitwear, the cardigan is the new layering sweater and works best in luxe fabrics like merino wool and fine gauge cashmere. Works for me.

Prada jumps on the red fall trend bandwagon with this classically-shaped Tessuto Bow Satchel. Simple, feminine, and elegant, this handbag comes with both braided top handles and a detachable leather shoulder strap. The body is made of ruched red (or black) nylon with goldtone hardware, a pretty little red bow, and signature jacquard detail. Zip-top closure and interior zip pocket. A perfect pop of color to accent a LBD or even a business suit at the office, and it isn't so trendy it can't be used year after year if you love it that much. $695

Welcome to our new feature, "10 Luxuries." For each installment a notable figure in the world of luxury, tastemaker or stylish personality will tell us about the 10 necessary luxuries they simply cannot do without. Related quotes and images of each item can be found in the gallery.

Perry Oosting became president of Vertu, the world's leading luxury mobile phone manufacturer, earlier this year. He joined the company with extensive experience in the luxury industry via senior roles held at several blue chip brands including Bulgari, Prada, Gucci and Escada.Vertu uses the finest materials from the world of watchmaking, automotive design, aeronautics, and jewelry to create truly unique mobile phones of unparalleled craftsmanship and exclusivity, such as the new Ascent Ti Carbon Fiber. Vertu is also the only phone in the world to ever receive a hallmark from the Swiss Assay Office, the organization that guarantees the quality of the world's finest watches. In the gallery, Oosting reveals his 10 essential luxuries, from his favorite hotel, watch and car to shoes, wine, writing instrument and more, and tells us what makes them a must.

The Prada Craquele Tote is a smart, well-structured bag with a style so eclectic it is versatile by default!

The rocker-chic studs, the sexy cowgirl (or hippie) distressed leather and the prim 14"W X 10½"H X 4½"D shape make this bag an unexpected match for virtually anything casual in your closet -- and even some evening ensembles.

A closer look at this bag shows the care Prada put into this new design: double handles, removable shoulder strap, zipper closure, inside and outside zipper and snap pockets, signature jacquard lining and metal feet make this unusual-looking bag hard to fault.

A bag you can wear with everything is a sound investment, and Saks seems to have anticipated a rush on this one by placing a restriction of three units per thirty days per customer.

The Prada Craquele Tote is available from Saks Fifth Avenue for $2,595.00.

Luxury brand Prada won't have to scramble for cash anytime soon. Earlier this summer the Italian fashion house sought to renegotiate some of its debt in order to have ready cash to create more stores. The lenders have agreed and now the brand has the money to invest in expansion. The terms of payment of 450 million euros of debt have been extended to 2012. Of that debt 100 millions euros would have been due last month and the rest would have matured in summer 2010. With the extension Prada's majority owners, Miuccia Prada, the label's designer and her husband and Prada chief exec Patrizio Bertelli don't have to contemplate selling off shares.

Prada has flirted with holding an initial public offering several times in the past couple of years but always backed out citing poor timing. This new loan agreement could possibly push Prada to make that move before the loan comes due in 2012. With the emerging signs that the recession might be starting to wane, Prada is also well-poised to take part in any potential shopping upswing.

If you liked the Prada Velluto Jacquard Tote, you'll love the Prada Velluto Jacquard Wristlet Pouch (right).

This demure little pouch is just 6"W X 8"H X 5"D, and adds supreme elegance to any evening outfit by quietly screaming "I'm not trying too hard!"

Not that there's anything shabby about this bag, it simply lacks anything extraneous, from the simple drawstring wrist strap to the subtly stitched "PRADA" at the bottom left. What really makes it shine is the lush gold velvet contrasting the pale royal blue. Very grand -- and without a hint of vulgar over-adornment.

The only effort involved in this bag is the trouble you'll have matching it to just the right gown or cocktail dress. Sounds like a perfect excuse to buy a new one!

The Prada Velluto Jacquard Wristlet Pouch is available from Saks Fifth Avenue for just $450.00.

Velvet usually comes out of mothballs about once a year: the holidays. Other than that, the fabric that has always stood for wealth and luxury tends to spend more time on settees and chaises than on warm bodies. That is, until now.

Velvet's not so underground anymore thanks to European and American designers who used bolt after bolt of it in the fall 2009 collections. And each one has manipulated the short dense pile into much more than just eveningwear.

Ralph Lauren, Fendi and Bottega Veneta created velvet rose-colored cap-sleeved frocks, neutral strapless cocktail dresses and burnt-orange slouchy day dresses, respectively. Chloé, Sonia Rykiel and Ralph Lauren went for velvet harem pants, mostly in dark green and black. Gianfranco Ferré, Lanvin and Elie Saab blew fashion watchers away with their long black velvet gowns with structured cap sleeves à la the '40s.

Aquilano.Rimondi-a new talented design duo from Italy-draped, cut and sewed bright red velvet into a belted cocoon coat-dress that hits just above the knee. Superb.

But if two designers can turn velvet into a full-blown trend of the season, it's Miuccia Prada and Marc Jacobs. Interestingly enough, both fashion forces took some yellow with their velvet.

Jacobs ran with the '80s-the decade he first hit the fashion scene- with neon yellow cocktail dresses like the one pictured above. Another yellow cocktail dress wraps its wearer like a mummy in wide-bands of velvet. (Fergie took this look out for a spin on the red carpet recently, only in electric blue.)

Prada reached back to a darker mood in the '40s and came up with a more toxic shade of yellow. This disconcerting yellow hovering somewhere between poison and putrid was made into a deep V-neck and stitched to a tweed skirt. Burned-out velvet made appearances on double-breasted coats and V-neck dresses (sometimes awkwardly topped with fur).

In happy hues of yellow with a classic disposition, the Prada Velluto Jacquard Tote is sophisticated yet welcoming. The velvet jacquard pattern brings old world charm to a modern, smooth nylon handbag for just $1,450. Carry along this tote using either the double briefcase handles (3" drop) or detachable shoulder strap (7 1/2" drop). The bag also features a zipper closure, inside zipper and snap pockets, metal feet and a signature jacquard lining. Although large enough to carry plenty of legal pads and marketing materials to your next big meeting, this sizable tote is only five inches deep which keeps it from overwhelming your outfit. (15 1/4" x 13" x 5")

It's hard to consider fur-covered handbags when we are approaching the month of August but Prada is tempting those looking for a hot new autumn bag by displaying their Visone Hobo. Enveloped in super-soft mink from Denmark in a rich, chocolatey brown this luxurious bag perches on your arm with double handles or a detachable shoulder strap. I find it a bit odd that a bag of this caliber, available for $4,950 at Saks, features a faux leather lining. Why not real leather? Yet the stately design and glamorous feel of the Visone Hobo still wins me over. Obviously it is expected to be a popular item as Saks.com will be restricting each customer to purchasing no more than three units in a period of thirty days. (9" x 13" x 9")

It seems that turmoil has hit most of the major fashion houses recently. A recession isn't pretty. The Financial Times is reporting that Prada has asked banks to ease terms on debt. The Italian fashion house is hoping to renegotiate some of its debt in order to have ready cash to create more stores. The company had a net debt of around 1 billion euros at the end of last year.

The FT says that talks are underway to convince Italian banks UniCredit and Intesa Sanpaolo to reschedule the repayment of 350 million euros that matures in summer 2010. The debt in question is owed by a holding company, which is 95 percent owned by Miuccia Prada, the label's designer and her husband and Prada chief exec Patrizio Bertelli. They have stated they are not interested in bringing in outside investors at this point both because the situation isn't dire and also because any potential valuation of the company now might later have a negative impact on the Prada IPO. Prada has flirted with holding an initial public offering several times in the past couple of years but always backed out citing poor timing.

The banks are considering putting off repayment for a year or two. At a time like this banks can't afford to have their debtors in trouble and it would seem a wiser course to help Prada ride out the recession and then collect the money in brighter times.

A tote bag can't get much simpler in design than this, other than maybe being made of canvas instead of leather, but with so many busy patterns and statement-making handbags out there I think it's actually quite refreshing. It's Prada's Vitello Daino tote in silver pebble-finished calf leather with gold hardware, and no other adornments other than a very small golden "PRADA" logo on the front and a luggage tag that dangles off one of the double handles. Basics include two pockets inside (a zip and an open) and a removable shoulder strap. $1,220

The Prada Pitone Tote is one seriously hot new handbag.

Posted on the Saks Fifth Avenue website:

"Due to popular demand, a customer may order no more than three units of this item every 30 days."

Good heavens! We also noticed that they are refusing to ship to California. And why is that? Python.

Pitone, for the uninitiated, means python in English, and it is unlawful to sell or ship python skin in California.

This python tote has a snakeskin side bow, leather lining, inside zip pocket and drawstring closure. Pretty fancy, but we'd imagine that the signature gold Prada logo is why it's selling quite so well.

The Prada Pitone Tote is available from Saks Fifth Avenue (unless you're in California) for $2,990.