The democratization of fashion may just have hit us all, or at least so says New York Times writer Guy Trebay in an article titled "Enter the House of Wal-Mart."

Indeed, Wal-Mart's pre-Fashion Week fashion event "Rock the Runway" dropped 27 outfits on New York, with the most expensive item (a leather jacket) clocking in at $98.94.

But rather than something like K-Mart's Jaclyn Smith Collection of days past, these clothes recalled the work of runway darlings Proenza Schouler and Roland Mouret. Indeed, as Trebay notes, Wal-Mart is taking the lead of the H&M and Zara: namely, offering designer-ish clothes for the mass market.

So, is Wal-Mart really the next H&M? Or, more importantly perhaps, is fashion really becoming democratized? And if it is, what does a $300 handbag suddenly mean?