Inspired by a photo of a leisurely Coco Chanel in Venice, Derek Lam delivered more of that polished sportswear for which he’s best known. This time, he softened things up: faille vests, crepe blouses and trousers, all flowy, languid and loose and evoking a beachside vacation vibe (another inspiration: Venice Beach, Calif.). The tailored numbers, including the twill jacket with a draped drawstring lapel, also looked appealing. That said, the collection reflected a too-serene mood underscored by a subdued palette of pumices and nudes. There’s no question that Lam is talented, and perhaps the recent financial boost he got when Labelux Group took a majority stake in his label will give him the freedom to flex more fashion muscle.