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Kelly Gray

Marie and Kelly Gray's new collection Grayse

Marie and Kelly Gray's new collection Grayse

Mother-daughter designing duo Marie and Kelly Gray are back in business together with a new label called Grayse, eight years after stepping down from their day-to-day duties at St. John when a private equity firm bought the company and cleaned house in a rebranding effort that famously also involved hiring Angelina Jolie as spokesmodel and alienating hordes of loyal customers.

Although St. John is best known for creating the conservative, Crayola-colored knit suit uniform worn by a generation of women in the go-go 1980s and '90s, Grayse taps into the more recent trend of casual luxury and seasonless, day-to-night dressing.

Instead of a matchy-matchy look, the focus is on...