I had mixed feelings about this outfit. It has been compared to the holiday Ice Blue outfit from 2001 and I think it's definitely an updated version thereof. Some comparisons:
Now, I absolutely love the Frosty Party skirt and I think the shoes are darling. Both are elegant and have simple, timeless, classic details.
However, the sweater leaves a lot to be desired.
The fabric is cheap and thin, and the sweater is not cut in a flattering or attractive way to complement the skirt. It simply does not look right combined, not even with the sequin and embroidery embellishments. Seeing how puglove paired it above with modern jeans illustrates to me exactly where AG went wrong with this outfit: it's a nice, pretty sweater but not formal enough to work with this skirt and shoes, better paired with jeans or nice pants as a less dressy holiday offering. The headband, at least, is a good accessory addition even if it is oddly sized.
The outfit gets a C from me as an ensemble due to this lack of cohesiveness (and lack of tights!). Individually, skirt and shoes are A quality, headband is an A- because it sits oddly, and the sweater rings in at a B-.