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Last week in Milan, I was having a conversation with one of my favorite editors-in-chief about the state of fashion. “Here’s the real question,” she said. “How are these fashion editors affording all this Chanel and Phoebe Philo?” The answer, of course, is credit cards, trust funds, and shopping addictions; it’s not like either of these brands are in the business of gifting. (Maybe a discount for the lucky ones.)