New York-based designer Katie Ermilio is of serious fashion pedigree—her grandfather was the personal clothier to Grace Kelly. Even though Ermilio is only in her mid-20s, she manages to capture a Kelly-esque level of sophistication in pieces that also look completely of the moment. Ermilio’s spring/summer 2012 collection is all about sherbert colors and ladylike silhouettes with unexpected details—a cut-out back here, a slit there. So while I have to thank Olivia Palermo’s blog for turning me on to this designer, I’m just sad that I will never, ever be able to afford anything Ermilio makes. Sigh.