FASHION; The Power of Accessories

Women of style have always known what a potent tool an accessory can be. With one stroke, the right handbag, careful conglomeration of jewelry or even a hat can give an older, familiar costume a new configuration.

And in times - like now - when the cost of clothing seems prohibitive, an accessory almost becomes an affordable bit of pleasure. (Almost, but not quite, since accessories have also felt the brush of rising prices.) The power of accessories has not escaped the notice of some of the biggest names in the fashion business. Some years ago, Liz Claiborne, a label synonymous with style for the working women at a reasonable price, introduced a handbag line. Today, industry insiders estimate that that collection accounts for more than 50 percent of all the handbag sales in American department stores in the moderately priced category. And a little more than a year ago, Perry Ellis added handbags to its list of licensees. Expecting to do a decent $1.5 million at wholesale the first year, it in fact came closer to $7.5 million.

Last year, Paloma Picasso threw her considerable design skills and famous name into launching an ambitious accessory collection, including everything from umbrellas to gloves. Now sold through a selected 35 American stores, her company has plans to go worldwide with its products. About the same time, Frances Patiky Stein also became a ''name'' on the accessory scene. Mrs. Stein, a former magazine editor and stylist, was unknown to the public but respected within the industry as a skillful tastemaker. Among other things, she has for many years overseen the styling of much of the Chanel accessory collection.

Both Ms. Picasso's and Mrs. Stein's wares are pricey, but they are undeniably loaded with high style. Ms. Picasso's are on the exotic side, while Mrs. Stein's are on the luxe classic curve. How well either one of these collections is selling depends on who you talk to. But there is no disputing the thrust of fashion they have injected into the fashion field.

Now come two more giants into the fray. This month, Calvin Klein accessories are arriving in many major American stores. And like any fashion area this designer takes on, the research has been thorough, the product range carefully thought out, the styling deliberately kept simple but forceful and the merchandising plans rather dazzling. Klein's bags, small leather goods and belts will retail from $110 to $800 (with exclusive items up to $8,000), and the company expects to sell $25 million worth at wholesale this year.

Then there is Tiffany & Company. This famous American institution has been branching out in some adventuresome areas of late. A year-and-a-half ago, it was a perfume. Flushed with that success, the company is now out to make a dent in the quality accessory market. Under the hands-on approach and sharp eye of Tiffany's design director, John Loring, the aim is to present merchandise to equal the popularity, prestige and commercial success of Hermes or Chanel. Many of the Tiffany handbags, ranging in price from $250 to $3,000, have T-shaped clasps, and the rather remarkably patterned collection of scarves ($130 to $225) are often printed on fabric with discreet Tiffany T's woven into them. At the moment, these are only sold in Tiffany stores. But if they are successful, watch out world.