I love all white outfits as you can see from my previous post. But it can be done right and it can be done cheesy (-plastic stiletto boots and too tight jeans is one). Terence Koh has definitely done it right and with his own little twist, his arms sticks out of self made holes, his own interpretation of a poncho. And he is the only one who can make a simple plastic bag look cool. The leather pants are from his Opening Ceremony collection.
Edit: The bag is from Margiela.