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All the "It" girls in Tinseltown know that the sexiest arm candy this season is not a Hollywood hunk but a Chloe bag. The roomy, sturdy Chloe Paddington bag, designed by Phoebe Philo, comes with a working brass padlock and key. It's hand sewn from supersoft Italian calfskin and comes in a range of colors. Mischa Barton, Kate Bosworth and Nicole Richie have been seen sporting the tan tote, Tori Spelling has one in red and Nicky Hilton has it in olive green. But before you break your piggy bank to buy your own (and you'll need a big piggy bank), be warned that it might be too late. This $1,310 bag is already sold out in most places!

Cocktail Party Holiday cocktail parties call for something slightly seductive. And by seductive, we mean subtly sexy, not tarty. You'll know you've picked the right dress the minute you put it on because you'll feel like a cross between Audrey Hepburn and Madonna. Take this stretch-satin strapless number by Chetta B.($335), for example. The dark scarlet color adds pop to the perennially elegant strapless silhouette, as does the removable belt with jeweled buckle. Best of all? If strapless makes you squeamish, then simply pull up the concealable attached straps for extra support. This is the dress that all of your girlfriends will want to borrow, even though they might not tell you so. Available at Saks Fifth Avenue. Shop for more Chetta B. dresses next : Friendly Gatherings Cocktail PartyFriendly GatheringsIsland FunBlack-Tie GalaOffice Party Home Sweet Home  // ...