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British Slang Origin: someone invented this phrase to describe the countless number of these people milling around (in tight cliques) the streets of Oxford. Use: the word "versace" is used to describe a group of "sloanes". In this scenario "versace" takes on the same role as (and a similar meaning to) the word "phalanx". The use of the word 'versace' is important as it adds a far more embellished description of those you are referring to. For example: sloanes are gaudy, cheap and of no substance. Similar to the flamboyant clothing produced by said designer that only looks good on a yacht/catwalk/celebrity.
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