Rough study: Two hands reversed out of circle. I thought the initial symbol would look happy but then I noticed a skull shape taking form so I swapped the smile for skully teeth. The happy version on the left looks a cross between an extraterrestrial and Squidward without a nose.
I Hate Clowns / vector illustration
There is a fine line between Peruvian bowler hats (very cool) and little clown hats (creepy).
Repetition of shape: the negative space created by the fingers (rounded triangles suggesting eye location) is again repeated in a bow-tie directly below the head... interesting in theory but the execution is a one-way trip to clown town...
Conclusion: The Peruvian bowler hat only works without the bow-tie.