Vintage Givenchy Skirt—I recommend copying her whole look from top to bottom.
I just recently re-watched Bright Lights, Big City AND Less Than Zero (on VHS, no less). While Phoebe Cates' hilarious fashion show scene had me in stitches, it did occur to me that so many of those decadent, super-sized references are once again providing inspiration to the youngins. In fact, a handful of designers who reigned supreme at that time are still a steal on eBay. Is a remake of BLBC in the works or what? If not, it should be.
1. Louis Féraud Skirt—Navy blue, beach balls. With a pair of crisp Supergas and a slouchy white tank, it's too cute for words. Added bonus: The Féraud video available on this link is worth more than the skirt.