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While the impact of this new venture remains to be seen, spirits are high. "There is definitely a palpable sense of excitement," says designer Billy Reid. Confidence, too, is in no short supply. Alex Orley, who designs his namesake label Orley along with brother Matthew and sister-in-law Samantha, sums up the prevailing sentiment: "The timing is right, the brands are here, and the talent is in New York. It wouldn't have happened if that wasn't the case."Follow Jonathan on Twitter."The big guys have to be here to make it legitimate, but it's really the young people that are going to make it." —Josh Peskowitz, fashion director of Bloomingdale's