The girl on the bottom left is Regina George, “Queen Bee” of the high school, and some other girls intentionally cut those holes into her shirt, trying to embarrass her / make her less “cool.” The girls on the bottom right saw Regina, and intentionally cut similar holes in their tops so that they could be “cool” like her.

The title is a quote from the movie. Regina George says it to one of her closest “friends”, who is trying to make “fetch” catch on as a new slang term meaning something similar to “cool” or “awesome”.

Edit: It’s all referencing the movie Mean Girls, specifically the one from 2004.