For a DIY version of the $98 Gypsy 05 dress my equation is as follows:
Vogue 8386 Pattern ($10) + Organic Fabric from Emma One Sock ($13.75 per yard x 2.75 yards) + RIT dye ($3.99 per bottle x 2 bottles- Kelly Green and Royal Blue mixed to make turquoise) = $55.79, plus or minus
The bonuses:
You now have the pattern, so you can make more of this dress in various colors
You probably have enough dye left to make a Kelly Green dress and a Royal Blue dress
So, with buying an additional 5.5 yards of the same fabric ($75.62) you get 3 dresses for $131.41 (less if you want to deviate from the higher end fabric), rather than 3 for $294.
For an even closer version, see this lovely lady's post on how to create twisted straps using Vogue 8386.
Or you could just wait for Forever21 to make a knock-off but where's the fun in that?
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