They were originally a less edgy variation on the girl-group character acts such as the Mary Jane Girls organized by Rick James and Vanity 6 created by Prince, with an intended teenage audience.
This song is also said to be about Susan Moonsie of Vanity 6, but a glimpse of Prince's feelings towards the end of their relationship.
The Vanity Set | ''Vanity Fair'' | Vanity 6 | Vanity plate | Shadows of Vanity | Grossmith in ''Vanity Fair (British magazine 1868-1914) |