Phillip Lim has already made a name for himself in the world of ready-to-wear, but if his latest collection of lingerie is any indication, I think he could be the next big thing in loungewear. According to Lim, the Initials Spring '11 collection "celebrates the ceremony of getting dressed — the details begin from the inside out, so it is designed to work with your wardrobe, and to be comfortable and luxurious." Truer words were never spoken — the pieces are casual yet special, feminine yet sporty, and all undeniably dreamy. If these pretty pieces don't make you want to update your undie drawer, I don't know what will. Click through to see each look.