Missoni for Target

As we look forward to welcoming 2012 with open arms, we must also look back on a year that has had quite its fill of fashion highs and lows. Needless to say, there's never a dull moment in the industry and we've loved every second of its sartorial suspense, trendy takeaways, dresses to-die-for, red carpet sizzles, model moments, and of-the-minute style inspiration. It's safe to say 2011 was one for the books and to bid it adieu properly, we're highlighting the year's biggest and most fashion news headlines. Want to know what made our jaws drop? Click through to find out the five biggest fashion headlines of the year.

>> Alessandra Ambrosio, Rachel Zoe, Doutzen Kroes, and Hilary Rhoda were among those who turned up last night to fete the opening of the Missoni for Target pop-up store near Bryant Park in New York City. “I love this collection. We really pushed Target for maximum quality — more than they’ve ever done," Angela Missoni said just after the party began. See the collection for yourself when the pop-up store opens to the public tonight, just in time for Fashion's Night Out. Until then, click through to see the best of the zigzag-happy looks from yesterday's event.

Last night's private launch of Missoni for Target was a who's who in our fashionable favorites. Alessandra Ambrosio and Camilla Belle joined Rachel Zoe to fête the brand's Target collaboration, clad — of course — in Missoni's signature prints. We also spotted Joy Bryant looking retro cool in flares, Elizabeth Olsen styling up a print tunic, and Rachel Roy channeling a boho-chic vibe. Now, click through to see all the fab attendees' looks — then tell us your pick for best dressed in the comments section!

Rachel Zoe, Elizabeth Olsen, Camila Alves, and Alessandra Ambrosio were among the stylish ladies invited to the private launch of Missoni for Target in NYC last night. FabSugar TV got a sneak peek at the collection and shared their favorite Missoni for Target fashion picks as well as the hottest home pieces before the whole highly anticipated collaboration hits stores Sept. 13. This week also marked the welcome return of The Zoe Project. According to the superstylist, this season, which documents her pregnancy, will be more drama free than previous years. Elizabeth Olsen, who is establishing herself in the fashion world even apart from sisters Mary-Kate and Ashley, looked adorable in her Missoni for Target dress. Last night's party was a precursor to New York Fashion Week, which kicks off tonight with Fashion's Night Out. There are countless events all over NYC and around the world, so check out Fab's Fashion's Night Out survival guide to all the hottest parties.