As you might have read, Banana Republic recently launched Monogram, the three-decades-old company's first upscale collection. The standout piece from last night's runway show was the Monogram 30th Anniversary Trench (pictured), a limited-edition overcoat that impressed the skeptical fashion elite in attendance. Credit the British: The trench's bright-red cashmere lining was inspired by the colors of the Queen's Guard, not to mention those double-decker buses. Monogram's first flagship store opened in London last March, and it looks like Banana Republic's already turned redcoat.