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"Wall Street is a fashion show, and not every stock has what it takes to make it on the runway," said Jim Cramer on his "Mad Money" TV show Wednesday.

However, some designers are worth buying, especially if the

Federal Reserve

cuts interest rates further.

The first stock Cramer discussed was

Perry Ellis

(PERY) - Get Report

. Although a longstanding brand, the company has not had a recent stock buyback and has no dividend.

Though the fundamentals are sound and the company had an upside surprise of 16 cents a share, Cramer said that the tragically unhip company is "not for me." Cramer is looking for higher-end best of breed if the economy gets stronger.

A safer pick in the fashion field is

Ralph Lauren

(RL) - Get Report

.

Citigroup

(C) - Get Report

, which Cramer owns for his charitable trust,

Action Alerts PLUS, likes the stock and

Business Week

recently put Ralph Lauren on its list of the top 100 brands.

The company also had some small insider buying, in addition to an augmented stock buyback of $250 million in August.

But Cramer does not believe this is enough to give the stock good fashion sense. Ralph Lauren missed its earnings estimates in the last quarter, "lowered guidance, and the stock blew up," he said.

Also, Ralph Lauren blamed the miss on higher tax rates, something Cramer said companies never do.

He told viewers that there's no reason to own the company and that "when you blow a quarter, you wait a quarter."

Instead, Cramer told viewers to wait for better news from Ralph Lauren, a company he said did "too little too late."

Image placeholder title

PVH Is Right, Said Fred

Leaving Perry Ellis and Ralph Lauren on the rack, a fashion stock that Cramer believes in is

Phillips-Van Heusen

(PVH) - Get Report

.

The licenser of 16 brands that "people actually want to wear," such as Calvin Klein, Kenneth Cole, DKNY and Michael Kors, is a more diversified designer than most of its competitors and shouldn't get hurt if one of those brands falters.

A "rest of world" stock, Phillips-Van Heusen does close to half of its business overseas. But domestically, it will be expanding retail operations, with "full-price Calvin Klein stores" in the works for this and next year. Also, Calvin Klein is seeing double-digit growth.

Cramer said that "sometimes the

business model trumps the fashion," and Phillips-Van Heusen "shouldn't miss its numbers." It trades at only 14.5 times forward earnings and has a 17% long-term growth rate.

He called it a cheap stock that is "a steal, not a discount."

While Cramer insisted that "this stock must be bought," he cautioned viewers to do their homework and wait at least five days before buying.

Peachy Herbalife

Cramer doesn't get why so few people are onto

Herbalife

(HLF) - Get Report

, a stock with 80% gross margins and $3 billion in retail sales in 2006.

Additionally, Herbalife has more than 20% earnings growth, a 1.9% yield, one of the best buybacks and enormous cash flow, Cramer said.

Cramer welcomed the company's Chairman and CEO Michael Johnson onto the show and asked why people don't seem to be behind his company. Johnson said that some people have issues with the brand, assuming it to be a "pyramid scheme." That is instead of realizing the "amazing culture" behind the brand, which is "focused on retailing," he said.

Johnson said that Herbalife, one of the largest network marketing companies in the world, is guided on three principles: product, business opportunity and brand. And it's especially proud of its tie-in with David Beckham and the L.A. Galaxy soccer team, he said.

Recently, the company reported its 14th consecutive quarter of double-digit year-over-year revenue growth, and $530.1 million in sales, Cramer said.

Cramer told viewers to keep watching the company, which he liked at $39, and believes will go higher.

Am I Diversified?

During the "Am I Diversified?" game, Cramer's first player called out the following five names:

Research In Motion

( RIMM),

Apple

(AAPL) - Get Report

,

Google

(GOOG) - Get Report

,

Baidu.com

(BIDU) - Get Report

and

Travelers Companies

(TRV) - Get Report

Cramer told the player that his four techs and would be in trouble if the tech sector went down. He suggested that he get rid of Apple, RIM and even BIDU to further diversify.

Cramer's next player called out the following five names:

Corning

(GLW) - Get Report

,

Nokia

(NOK) - Get Report

,

Pfizer

(PFE) - Get Report

TST Recommends

,

Exxon Mobil

(XOM) - Get Report

and

AXA

( AXA).

Cramer, calling the player not diversified enough with Corning, which he owns for his charitable trust,

Action Alerts PLUS, and Nokia, said to lose Nokia get into a defensive stock like

Raytheon

(RTN) - Get Report

or

Northrop Grumman

(NOC) - Get Report

.

Sudden Death

During the "Sudden Death" round, Cramer was bullish on

SAIC

(SAI)

,

Wells Fargo

(WFC) - Get Report

and

Bank of America

.

Lightning Round

Cramer was bullish on

Yamana Gold

(AUY) - Get Report

,

Luxottica Group

(LUX)

,

Oakley

( OO),

Sam Adams

(SAM) - Get Report

,

Molson Coors Brewing

(TAP) - Get Report

Nvidia

(NVDA) - Get Report

,

Service Corporation International

(SCI) - Get Report

and

Bank of America

(BAC) - Get Report

.

Cramer was bearish on

Harmony Gold Mining

(HMY) - Get Report

,

Anheuser-Busch

(BUD) - Get Report

,

Silicon Motion Technology

(SIMO) - Get Report

,

Melco PBL Entertainment

(MPEL)

and

Countrywide Financial

( CFC).

For more of Cramer's insights during the Lightning Round, click here

.

Want more Cramer? Check out Jim's rules and commandments for investing from his popular book by

clicking here

.

At the time of publication, Cramer was long Citigroup and Corning.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.