Luxe Or Less: Phillip Lim Minidress

As far as sweet-looking cocktail dresses go, it's hard to beat this gray silk number by Phillip Lim. The length, trapeze neckline, light gray colour, and bead embellishments render it mod, trendy, and classic all at the same time. What's more, seen from the back, the trapeze neckline actually ties into an oversized white bow. If this dress is a bit on the steep side at $700 from Net a Porter, you can try a similar version from Forever 21 (below) that retails for $24.80--sans bow, unfortunately.

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