I've come to recognize that in the world of fashion insiders (models, editors, socialites), simplicity reigns supreme. That chic factor can be broken down into several key components--all very imitable:
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1. Wear a lot of black, mainly on one's legs. Choose skinny jeans, tights, or leggings to elongate one's figure.
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2. Always choose the most stylish (edgy or sophisticated) pair of pumps, sandals, flats, or boots that you can find. Heels instantly elevate the look.
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3. Choose a simple color palette, and narrow your color choices to no more than three complimentary shades.
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4. Carry a high fashion bag. Invest in only one if that is all you can afford.
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5. Buy a black leather biker jacket or a well-tailored black jacket to throw over everything.
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In short, the uniform is quite simple: dark tights/pants; fitted jacket; a statement bag and shoes. For variety, exchange the pants for a skirt or dress (to the knee or above for everyday), or exchange the jacket for a cardigan.
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If you examine the photos of chic women, you'll notice that three general principles apply: 1) Simplicity (what I've spelled out above); 2) Fit (the clothes always fit the body perfectly); 3) Proportion (Tim Gunn talks about the rule of thirds; the head to the waist is one third, the waist to the knees is another third, and the knees to the feet is the last third. Make sure your body is split in thirds, not in halves, for the most flattering look).
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While it is preferable to invest in the best quality items you can, ultimately it's not about price. Dressing simply is what's chic.