Leave it to Olivia Palermo to be among the first to wear the coveted monogrammed Burberry Prorsum blanket poncho straight from the runway! The style star donned the color-blocked outerwear embroidered with her initials, draped over a green collared shirt and chestnut-colored shorts, as she stepped out in New York City (above, right). Palermo styled her lust-worthy look with over-the-knee Stuart Weitzman boots and Westward Leaning shades.

Burberry Prorsum’s checked cape first made a splash when it debuted on Cara Delevingne during the brand’s fall/winter 2014 show, where the model wore it layered over a sheer silky dress, which was paired with a printed bowling bag and statement-making sandals (above, left). The global-luxe garment is inspired by traditional equestrian blankets and crafted in a sumptuously soft blend of wool and cashmere, making it the perfect layering piece or coat replacement.

Dying to sport the look? Pick up a Burberry Prorsum reversible blanket poncho for yourself ($1,395) at burberry.com.

Plus, check out Olivia Palermo’s 53 best looks ever in our gallery!