The story of Fashion begins in Chandigarh, where aspiring model Meghna Mathur (Priyanka) conveys her wish to go to Mumbai to her parents. While her dad (Raj Babbar) out rightly refuses, 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 as she experiences some major difficulties in her initial days in Mumbai. But she gets a good helping hand with an old acquaintance, Rohit (Ashwin Mushran) an aspiring designer who assists big shot designer Rahul Arora (Sameer Soni). She keeps bumping into another struggling model, Maanav (Arjan) while making the rounds of modeling agencies for auditions. Meghna becomes good friends with Maanav and even starts sharing his apartment after she faces accommodation problems. Meghna gets noticed by India’s top modeling agency Panache’s top official, Anisha Roy (Kitu) who brings her to Panache boss, Abhijit Sareen’s (Arbaaz) notice. Abhijit gets impressed by her ambitious nature and go getter attitude. Panache’s face is Shonali (Kangana) but though very successful, her drug habit starts becoming a problem for her and subsequently for Panache.