This is a probable reference to a habit of the namesake of the song, Stevie Nicks. Nicks was known for consistently wearing elaborate stage get-ups including large suede platform boots, lace, and, not surprisingly, different colored shawls. She would often change shawls depending on the song she was performing. Purportedly she often switched to a black shawl when singing "Stand Back" off of her 1983 album "The Wild Heart".

From the song Stevie Nix off the album Separation Sunday

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