The film's screenplay was co-written by Ajay Monga, Bhandarkar and Anuraadha Tewari and principal photography occurred in Mumbai and Chandigarh.

Against her father's wishes, who wants her to become a chartered accountant, Meghna leaves her home to find success in the modelling world.

Upset at the turn of events, Meghna descends into alcoholism; at a rave party she uses cocaine and unwittingly has a one-night stand.

Her father encourages her to return to Mumbai; Meghna rekindles her friendship with Janet and models for Rohit's show, where she freezes on the ramp after seeing the lights and cameras.

[8][9][10] Several media publications reported that the film was inspired by the lives of fashion models such as Shivani Kapur, Geetanjali Nagpal, Kate Moss and Alesia Raut; however, Bhandarkar stated that the story is fictional and does not resemble anyone's life.

[8] Kangana Ranaut was cast as the film's second lead; she was pleased with the script and found it challenging, interesting and exciting.

[21] According to Godse, Bhandarkar offered her a part when they were shooting a jewellery advertisement; a year later, she agreed to appear in the film.

[14] The actress said that her character is determined and added, "While her father wants her to become an accountant she aspires to become the leading model in the fashion industry".

"[16] Godse said that she accepted her role in the film because she identified with her character, Janet Sequeira, whom she described as "outgoing, vibrant, bold and outspoken".

[26] Samir Soni found his role as a closeted fashion designer very challenging, requiring research to flesh out the character and his personality.

[28] Dhody said it took nearly two months for UTV and Bhandarkar to persuade her to help design the film; she found the job challenging because she had to make everything as authentic as possible.

[30] According to Dhody, Chopra's look is "very contemporary and very much today's look, but my idea was to streamline and take it to the classic side [rather] than making it trend-based".

Dhody said, "Godse's look in the film is a fusion of rock and grunge to give her the survivor look as a B-grade model, making her more chic and glamorous.

[31] The scene with Ranaut's wardrobe malfunction during a ramp walk was filmed in late January 2008 at Mehboob Studios, Bandra.

[32] Chopra had to gain 6 kilograms (13 lb) as a girl from Chandigarh, and then lose it as a model; she had five "looks" in the film, connoting the phases through which her character passes.

[14] Although the media spread rumours that Chopra was starving herself to reduce her weight to that of a supermodel, she said that her appearance was achieved with two months of training and a disciplined diet.

[10] Fashion is Bhandarkar's fourth women-centric film after Chandni Bar (2001), Page 3 (2005) and Corporate (2006) to earn widespread praise for their strong, independent female characters.

[37] According to The Times of India, Fashion "is not about cliches alone and manages to transcend them with its moving tale of three women who try to maintain their honor, dignity, [and] identity in a cruel world that spills over with grime behind the glamour.

The film not only takes you behind the psychedelic ramp, it travels through the dark inner recesses of the three lead characters, laying bare their strengths and weaknesses; their fears and hopes; their dreams and nightmares".

[38] Ananya Bhattacharya of Zee News said that the film "went on to speak volumes about women, their aspirations and the dark side-effects of over-ambition".

[4] In an interview with the Hindustan Times, Chopra said that the film is "an emotional tale and the story of three girls ... [which] shows female bonding in a beautiful way ... ".

[39] Reviewer Kriti Verma of Headlines India said that the movie "shows every bit about the life of models and bring the inside secrets of [the] fashion industry.

The fashion shows, the stunning models, the superb styling, the vibrant colors and the behind the scenes drama is worth every penny spent on the ticket.

[8][46] The Indian Express said that Chopra's character, who indulges in drug and alcohol abuse and undergoes rehabilitation, resembles the life of British-educated model Shivani Kapur, who had similar experiences.

[46] The scene in which Ranaut's character's top slips off during a ramp walk resembles the experience of Carol Gracias at the 2006 Lakme Fashion Week.

[61] Fashion garnered highly positive reviews from critics, with praise for its direction, screenplay, cinematography, soundtrack and performances of the cast.

[40] Zee News gave the film a rating of 4 out of 5, called it "a must watch" and praised the sets, music, performances and storyline.

[41] Rajeev Masand gave the film a rating of 3 out of 5, and wrote, "Fashion is an easy watch because the very subject lends itself to so much interest.

[65] Khalid Mohamed rated Fashion 3 out of 5, called the film a "must-try", and wrote, "Excelling on the catwalk as well as in the moments of self-destruction, Ranaut’s is the terrific, show-stopping performance".

[4] Fashion received a number of awards and nominations in categories ranging from the film itself to its direction, screenplay, soundtrack and acting.