It takes chutzpah to walk away from the top job at one of the hottest fashion houses at the height of your career. But that's exactly what Phoebe Philo—designer of Chloé's iconic Paddington bag—did in 2006, to raise her two small children. Now charged with rebooting LVMH's Céline, Philo, 36, is proving that feminism 3.0 is alive and well with her flawless reentry into the workforce and onto the runway. Her first two collections sent surges of excitement through the fashion world. The master of minimalism is back—on one condition: that she stays put in London, instead of Céline's HQ in Paris, rearing her kids while dreaming up the next high-waisted trouser.