An accessory for altering the appearance of footwear is disclosed and comprises a support portion and a decorative portion. The support portion comprising a loop that is circumferentially resiliently stretchable and that has axially opposite first and second openings. The loop is adapted and configured in a manner such that the loop can stretchably encircle a leg of a person in a manner releasably securing the support portion to the leg of the person. The decorative portion is connected to the loop in a manner such that the decorative portion encircles the loop adjacent the first opening and such that the decorative portion extends radially outward from the loop of the support portion. A method of altering the appearance of footwear is also disclosed.