Donna Karan Infinity Dress

Would you pay $995 for a dress? Yikes, that's high...but what about $995 for seven dresses? Donna Karan New York calls this knit the Infinity Dress—you can twist, tie, and wrap it to produce a low-waisted mini, an obi-sashed sheath, an off-the-shoulder shift.... In cap- or long-sleeved versions, it's made of flattering, indestructible jersey. 

Metal accessories sold separately. Long-sleeved version, $1,095

Click through to see how to wear all seven styles

The boatneck is great for cocktails. Accessorize with big, chunky silver jewelry or big bangles to add personality.

Turn it into a simple ruched sheath, and you'll feel like a modern-day Audrey Hepburn in Breakfast at Tiffany's.

Wrap the bottom tightly to create a mini-skirt and a loose top, and you've got an instant young, hip dress for a night out.

If you're small-busted, this twisted style gives the illusion of having more cleavage.

Criss-crossing fabric in front creates a very flattering style for large-busted women. The top holds you in, and if you're bigger on bottom, folds help create balance by making shoulders look wider. It's beautiful and elegant enough to wear to a wedding.

Since jersey doesn't wrinkle, you can roll the whole thing into a ball and put it in your carry-on for a vacation. If there's one thing you should bring with you, it would be this dress, and creating a simple scoop-neck works anytime, anywhere.

Accessorize with a silver buckle, or belt it yourself for a chic off-the-shoulder look.

How-To: Each dress comes with instructions, but my biggest suggestion is to practice before you wear it. If it's the first time you're putting it on and you're in a rush to get dressed, you're going to be very frustrated. But it's like wrapping a scarf—once you figure it out, it's the simplest thing in the world.