Derek Lam's whimsical white Fall '12 runway look immediately struck a chord in our fashion hearts, and we're sure you can see why. From the billowy, diaphanous silk dress to the cozy cable-knit top, we can't get enough of this effortlessly elegant ensemble — ideal for the holiday dressing season ahead. In a perfect world, we'd pick up Lam's runway look in a heartbeat, but sadly, our purse strings aren't as giving. But there's another way to get the look for less. Emote the same magical wintry vibe by pairing a floaty off-white silk gown or maxi skirt with a sleeveless sweater. Then, finish the look with strappy suede sandals, a rhinestone bracelet, and a slightly tousled updo, and you're ready for your next black-tie holiday affair. Shop our editors' picks in the links below.From left to right: T by Alexander Wang Sheer Silk-Blend Maxi Dress ($250, originally $625), J Brand Sleeveless Sweater ($225), Rhinestone Stretch Bracelet ($16), Steve Madden Real Love Sandals ($100).