Natasa Vojnovic in todays New York Times : Photo Michael Falco for The New York Times NO FRILLS The designer Alexander Wang with the models Missy Rayder, center, and Natasa Vojnovic in his New York studio. In five years Mr. Wang, 25, has built a $25 million company by Ruth La Ferla DON’T tell Alexander Wang that blue is the new black or that wedge-heel boots are the season’s must-have. Such airy edicts would most likely make him laugh. “No one talks like that anymore,” said Mr. Wang, whose keen sense of what young women want to wear is matched only by his no-nonsense approach to his, um, métier. “Fashion in some people’s eyes is very untouchable and super-indulgent,” he said. “For me, it’s just clothes to be worn. And at the end of the day, the point is to sell the product.” That sounds pretty hardnosed, coming as it does from fashion’s latest It Child, a lanky, tousled 25-year-old design-school dropout who, in a scant five years, has leapfrogged from toting garment bags for Vogue to ...