Derelicte is the name of the fashion designer Mugatu's line of clothing in Ben Stiller's film Zoolander.
Mugatu says that Derelicte is "Inspired by the very homeless, the vagrants, the crackwhores that make this city so unique." When he is trying to convince Zoolander to model for him, we see a bum being fitted either for what he's wearing or to be a model.
Spoken at the start of the fashion show: "I am vile, spew of the wretched masses. I am really, really DIRTY. I am Derelicte!"
Some of the final products include a dress made of cardboard, a bra of safety cones, a necktie created from the plastic tie on some trashbags to seal them up. There was also what appears to be a scooter made from a dresser drawer.
Just another example of Mugatu's twisted fashion sense. Let's just hope they make a sequel to Zoolander so we can see what other freaky stuff Mugatu can come up with.