MILAN_There is a feel of yesteryear at Fendi, as if someone had opened Grandma's trousseau trunk and wrapped each item in light gauze for protection.

Everything from the old-fashioned bras and panties to bubble skirts, shorts and even the high-heeled shoes is covered in a thin veil, lending an ethereal effect to the new spring/summer collection designed by Karl Lagerfeld and presented Sunday.

Moreover many of the outfits have a frayed look, with unfinished seaming and off-white or black colors which add to the "once upon a time" feel of the clothes.

And yet the collection is also ultra modern with a brand new shirtwaist made up of shorts and a shirttail back, leather worked to look softer than fabric and the latest Fendi bag with its exchangeable surfaces.

The many-bags-in-one, designed by Silvia Venturini Fendi, inventor of the popular Baguette bag, is sure to be a success in these times of tight purse strings. The simple leather bag comes with little "aprons" ranging from linen to intricately embroidered fabric, in various colors.

For nighttime, the bag has a satin cover reminiscent of the pouches Grandma used for putting away her silk stockings.

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