Velvet is anything but underground this season. Rendered in rich jewel tones--think: emerald green, royal blue, and ruby red--the tactile fabric is now a standout on both the runways and the red carpet. From Paul and Joe's plush trousers to Chloe Moretz's holiday-ready frock, see how some of fashion's finest tastemakers are addressing colorful velvet this winter, plus shop our like-minded picks.