Aslaug Magnusdottir

In the midst of studying for her communications degree, Kira planned a blowout event—flying in a bajillion editors, family and friends from Russia and a private jet full of industry people from New York City for a whirlwind 36-hours of first class Russian-slash-Texan hospitality.

To survive in this business, you've got to have more than talent. You've got to be shrewd, savvy, determined—and a crazy-hard worker.

The Fashionista 50 slideshow. Click through for a bio of each of our picks.

We had a hard time writing about this because we want this giveaway all to ourselves. Moda Operandi, Lauren Santo Domingo and Aslaug Magnusdottir's revolutionary e-commerce site that allows users to buy looks straight off the runway, is giving away a $5,000 shopping spree to one lucky reader. Yes, we said FIVE GRAND. That's enough to buy the Peter Pilotto resort dress of your dreams (like the ones pictured at left), the Sigerson Morrison shoes to go with it, and maybe a Band of Outsiders blazer or Thom Browne top, just because you can. One of our favorite places to shop online, Moda Operandi was the first and is still the only place where you can shop ready-to-wear almost in real time--just after it leaves the runway, and months before it ever hits stores. Talk about instant gratification. So I guess we have to give you the link to enter this most awesome giveaway: Click here to enter.

Moda Operandi, the site that brought us the online trunk show--allowing shoppers to buy looks hot off the runway--has had stratospheric success since it launched back in February 2011 with its unique sales model. And it's about to get bigger and even more innovative. Moda Operandi just announced that it received a round of funding to the tune of $36 million. Condé Nast, a previous investor, threw some money at the company again, as did LVMH and IMG for the first time. Think about the possibilities: Helmed by co-founders Aslaug Magnusdottir (formerly of Gilt Groupe) and Lauren Santo Domingo (formerly of Vogue) and armed with investments from some fashion business heavy-hitters, the online retailer is perfectly positioned to change the way people shop for fashion. So what exactly is the company going to do with this round of financing?

Moda Operandi, the online trunk show that allows shoppers to buy straight from the runway, burst onto the e-tail scene last February with plenty of buzz. It was a totally new concept in online retail--place orders for designer looks immediately after they're shown--and an answer to the flash sale sites that were on the wane. Of course, it didn't hurt that the site was founded by socialite and Voguette Lauren Santo Domingo and ex-Gilt Group exec Aslaug Magnusdottir--two women with all the fashion connections and experience you could hope for in launching a new fashion venture. And when the company closed their second round of funding with $10 million from venture capital firm New Enterprise Associates, it was clear they were getting something right. In the last few weeks Moda Operandi has poached names from the top of the masthead of major fashion glossies (Marie Claire's Taylor Tomasi Hill is the site's new artistic director and Nina Garcia is a new addition to the advisory board) and established retailers (Roopal Patel of Neiman's and Bergdorf's). No question about it, Moda Operandi is growing like crazy and we wanted to know why. So we chatted with co-founder Magnusdottir to find out the site is doing, what they're planning to do with all these new hires, and why people want to shell out for designer clothes online.

Starting today, users of Polyvore will not only get to put together outfits for Moda Operandi co-founders Lauren Santo Domingo and Aslaug Magnusdottir, but might actually win something for it. Participants must create a head-to-toe look for either Lauren or Aslaug. The two of them will personally choose one winner to receive the very cute Eddie Borgo’s Bear Trap Bangles pictured below and a $200 gift card to be spent on Moda Operandi. We're guessing, then, that the winner will be chosen based on what the two stylish girls feel is the closest to something they would actually wear.

Innovations in retail are few and far between. In 2007, I remember hearing about Gilt Groupe and thinking, "this is going to change the way people shop." Over the last four years, the flash sales site has certainly altered our idea of a discount. But I'd argue that Moda Operandi--a new platform that allows users to buy pieces right off the runway--is equally as innovative, if not more so.

Crystal is Choo's New Girl: Crystal Renn continues her hot streak by landing the latest Jimmy Choo campaign, replacing Amber Valetta. {The Cut} EBay's New 'See It On' App Let's You Virtually Try On Sunnies: Could this be the future of shopping? EBay's new "See It On' "augmented reality feature" lets users with the iPhone 4 virtually try on sunglasses. For now the app is limited to certain styles of sunglasses but EBay has plans to expand the feature to include more designs in the future. {WWD subscription required} More on LSD's Moda Operandi: Moda Operandi's co-founder, Aslaug Magnusdottir (she's the former head of merchandising at Gilt Noir), opened up to Blackbook about her forthcoming e-commerce venture with Lauren Santo Domingo. {Blackbook} Baby Gaultier: Gaultier is launching a line for little ones--really little ones, aged new born to two--called Gaultier Bebe. The collection will include knitted dungarees, sailor shirts and bodysuits in Gaultier's signature red, white and blue. Perfect for the baby who has everything. {Vogue UK}