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It's been an odd year for LA designers Mike & Chris: They signed a licensing agreement, started holding big sales to get rid of their back stock, and found themselves constantly batting down rumors that they were going out of business. Taking stock of their new direction, Style File sees signs of an excellent rebirth—a phoenix emerging from the licensing ashes, if you will. The new collection "returns the brand to its laid-back roots. Case in point: the relaunched bags, which trade in the tailoring of seasons past for slouchy, seventies-inspired silhouettes." [Style File]