Though Pugh is the new sensation among the febrile design-student London clique, he's merely the latest addition to a long tradition of fashion-as-performance-art that stretches back through Alexander McQueen, John Galliano, and Vivienne Westwood to the eighties club culture of Leigh Bowery. That, of course, is ancient history to Pugh's generation, who grew up starved of fashion fun in the dour days of grunge and minimalism. It's no wonder that kids like him want to break out a bit now. As for grown-ups who might worry how he'll survive, well, there were precisely two coats—one with mink sleeves and a ruffled front, and another with hyperinflated lapels (that balloon influence again)—that might just keep the wolf from his door.