The Style Studio team with Maggie Gyllenhaal. From left: Alia Ahmed-Yahia, Kate Young, Tina Chai, and Joanne Blades. Photo: WILL RAGOZZINO/PatrickMcMullan.com

As the younger "sister" to Ann Taylor, Loft has always been just a little less – fashionable, trend-right and hip – but it seems those days are over.

Loft, now under the design direction of Austyn Zung, has upped it's cool quotient considerably for fall, offering its customers a more au courant way of dressing, but still at a reasonable price point. "There are a lot of highs and lows to the collection," says Zung. "Textures from chunky, chunky to those with sheen and shine."

"Our customer has a huge life, but wants to feel great and stylish," she continued. "They bring a good sense of style to the table, but takes these pieces and incorporates them into her own life. That's what Style Studio is all about."

Loft Style Studio, which made its debut at a party at New York's Bowery Hotel Wednesday evening, is a collaboration with stylists Tina Chai, Kate Young, Joanne Blades and Alia Ahmed-Yahia. They were charged with taking 10 items from the fall Loft collection and creating outfits women could relate to.

Ann Taylor Loft Fall 2010

Photos courtesy of Ann Taylor Loft

Young's looks were some of the most relaxed. "It's an easy, weekend look," said the fashion aficionado who was wearing a ruffled, polka dot tank top. "Loft really specializes in these stylish pieces with an edge," she added citing a gray cardigan with black grosgrain trim.

Maggie Gyllenhaal, who has worked with Young, paired a Loft cardigan with an Acne dress for the evening. "I just bought it today actually," she said of the dress. "Kate is so cool and great and she's so chic, so I wanted to come support her."

Also turning out to check out Loft's wares were Mena Suvari (wearing Alice & Olivia), Alexis Bledel, The Like, and designers Philip Lim, Henry Holland, Jeff Halmos and Sam Shipley.

Speaking of cool collaborations, see who is the next designer on deck for Target.