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Fashion begins in, where aspiring model Meghna Mathur (Priyanka Chopra) expresses her wish to go to Mumbai and pursue her dream of becoming a supermodel. While her dad (Raj Babbar) outrightly denies her permission, her mom (Kiran Juneja) is supportive. Against her dad's wishes, Meghna leaves her house with dreams in her eyes to strike it big in the modeling world. But it is not a path of roses for her. Meghana initially stays with her maternal uncle and his family in Mumbai. She experiences some major difficulties in her initial days in Mumbai auditioning several times but getting rejected. But she gets a good helping hand with an old acquaintance, Rohit (Ashwin Mushran), an aspiring gay designer who assists big shot designer Vinay Khosla (Harsh Chhaya). She keeps bumping into another struggling model, Maanav (Arjan Bajwa) while making the rounds of modeling agencies for auditions. She visits Rahul Arora's fashion show where she comes face-to-face with reality of the major people in the industry including the reigning supermodel Shonali Gujral (Kangana Ranaut). She is mocked by the show choreographer Christine and is advised to visit hot-shot photographer Kartik (Rohit Roy) for her portfolio. To pay Kartik's high fee she attends functions and even shoots for a lingerie advertisement, all the while mentored by another smalltime model Janet (Mugdha Godse).Subsequently, Meghana's lingerie pictures appear on the cover of a magazine found by her relatives. Meghna becomes good friends with Maanav and even starts sharing his apartment after she faces accommodation problems. Meanwhile Meghna continues to strive, modeling for various designers as a side-by, all the while, aspiring to be as successful as supermodel Shonali Gujral is. Meghna gets noticed by a top official Anisha Roy (Kitu Gidwani) of a major modeling agency Panache who brings her to her boss, Abhijit Sarin’s (Arbaaz Khan) notice. Abhijit gets impressed by her ambitious nature and go-getter attitude. Panache’s face is Shonali but though very successful, her drug abuse starts becoming a problem for her and subsequently for Panache. Abhijit decides to terminate Shonali’s contract and ropes in Meghna to replace Shonali as Panache's new face. Shonali warns Meghna that she will just lose herself in all that jazz, like she did. Meghna becomes an overnight success and is everywhere – right from being the showstopper at the biggest fashion shows in town to fashion magazine covers to print ads to TV commercials. The overnight success spoils Meghna and the budding love relationship between her and Manav also comes to an abrupt end. She also starts having an affair with Abhijit. Meanwhile, Janet, an old time acquaintance of Rahul, grabs an opportunity of being his show-stopper. Rahul gets worried as his mother becomes increasingly doubtful of his sexual orientation and asks Janet to marry him though he tells that his relation with his boyfriend will only be compromised to some extent. Shonali, on other hand, gets a wardrobe malfunction at an event and her career comes to an end. Her drug abuse gets worse and she lands up at a rehab centre. Meanwhile, Meghna gets pregnant with Abhijit's child and reluctantly has an abortion due to the conditions in the contract earlier added by Abhijit himself. She tells about their relationship to Abhijit's wife and Abhijit terminates Meghna's contract with Panache. An angered Meghna, unable to believe what happened, resorts to alcohol to relieve herself. She gets into a verbal fight with Janet, when she tells her that she's ruining herself and on the same night attends a rave party where under the influence of cocaine, she unknowingly ends up in bed with a black male bouncer. Later when she comes to her senses she feels guilty of her act and realises how low she had fallen. She leaves Mumbai to return to her parents in Chandigarh. Broken and depressed Meghna lives in Chandigarh for more than a year but she has lost all taste for life including her self-confidence. However, somewhere in her heart she stills longs for the ramp, a fact recognized by her father.Encouraged by her father, she goes back to Mumbai. There she befriends Janet again and models for Rohit's show. However, she freezes on stage and gets negative reviews from the whole industry and media. She visits Maanav to ask forgiveness and gets to know that he is engaged. Shonali is shown on TV as a highly disturbed alcoholic on the streets. Meghna brings her home and takes it as a challenge to rehabilitate Shonali. She also gets an offer from Rahul to be his show-stopper but refuses only to accept it later when Shonali encourages her. One day before the show Shonali goes missing from Meghna's home. Just before Meghna was to walk the ramp, she gets a call from the police that Shonali has been found dead apparently from a drug overdose. Meghna becomes frigid with sadness, but overcomes the grief and walks hantastically on the ramp, which not only revives her career but also heals her self-esteem. She ultimately acknowledges that her ensuing success is not due to her own efforts to revamp herself, but due to Shonali and Shonali alone, for she was the one who instilled once again her newly found self confidence and also gave her a self recognition in this so called glamorous world of fashion. Destiny has failed to give Shonali a second chance to recoup her own losses but through manifestation of her blunders, has taught Meghna a lesson to face the wicked world once again with a new vigor. Meghna hence gives up her drinking and smoking habits and takes on the ramps once again as an ideal model. Her career takes a new flight again and she achieves a new pinnacle of success. The movie ends with Meghna shown walking the ramp in Paris.