Decorative clip assemblies attachable to an item of wear, e.g. a boot, are disclosed. The decorative clip assembly includes a bent portion having a first free end portion and a second end portion for draping the clip assembly onto an edge of the item of wear; a mounting portion connected to the second end portion for selectively mounting a first decorative embellishment; and a ring portion connected adjacent to the mounting portion for selectively receiving and carrying a second decorative embellishment. The ring portion includes a spring loaded open end section or a hinged gate ring. The decorative clip assembly may be made of spring wire, spring steel, or rigid plastic or it may be made from a single sheet of spring steel wherein the clip assembly is an integral one piece assembly. Methods for forming the decorative clip assembly are also disclosed.