In my opinion, the coolest woman at the holiday soiree is rarely the one wearing the most obvious, on-the-nose party gown. She's the one who arrives in a perfectly slouchy satin blouse, an embellished skirt, or wearing a full suit with a tassel-adorned pouch bag —very much herself . It's a particular brand of effortless glamour that feels more fashion insider than festive dress code, and H&M's new holiday collection has it down to a science. For winter, the retailer is trading predictable partywear for artful decorations, playful textures, and silhouettes that wouldn't look out of place in a designer showroom.

(Image credit: H&M)

Among the standouts are a gold sequined slip dress that begs for an evening out, a shimmering paillette skirt that would look just as good with a simple knit, and a cream beaded cape dress that offers a more directional approach.…