This one only looks like two pieces. The collared white shirt underneath is actually sewn right into the cable knit cardigan, so you get the layered look without any of the bulk or fuss of an actual shirt underneath. Buttons run the full length of the front, and the shirt hem peeks out below the sweater for that finished, put together effect. Button cuffs at the wrist tie the whole thing together. It is a smart shortcut for anyone who loves the preppy layered look but does not want to deal with actual layers.