Elizabeth and James City Cape

The cape is a pretty daring fashion statement, but it's just so much more awesome than a regular ol' jacket. Plus, it's got that snuggly wrapped-in-a-blanket feel of a poncho, but because it's tailored, you don't actually look like you're wearing a blanket out in public. This Elizabeth and James City Cape ($695) is one of our favorites because of the peacoat-esque button detailing.

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