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Established in 2005, the eponymous line of fashion designer Phillip Lim has already launched men’s, women’s, children’s and sustainable collections of clothing and accessories. All can be found at this two-and-a-half-year-old Mercer Street store, the first in a growing empire. And more important, as all the merchandise makes clear, Lim’s vision of modern fashion melds understated, classic silhouettes and enviable handmade details with wabi sabi imperfections and sometimes unexpected, yet always luxurious, material combinations.