It is, as you noted, on the muppety side. But I'm going to ask a ruthlessly practical question, per the Michael Kors quote that hangs in my closet*: does your wardrobe have the 70% of fabulous foundational basics that it needs to function?
*The quote: "70 percent of the clothes you own should be meat and potatoes. 30 percent should be icing and fluff — that’s colour, pattern, shine, accessories. Too many women get the proportions the other way round, then can’t figure out why they can’t get dressed."
If you have every piece you need to create a wardrobe that works for your life, there's no harm in adding some icing and fluff.
A final thought: I also sometimes ask myself, when tempted by a great discount, whether I would still buy this piece if I had to pay full price for it? In the case of this piece, I'm going to ask the opposite: would you covet it if you saw it in Walmart, or is the luxe brand lending a stamp of legitimacy to the look?
