First things first: Priyanka Chopra must thank Madhur Bhandarkar for a role that any actress would lay down her life for. As Meghna Mathur in Fashion, Priyanka may finally achieve the critical acclaim and commercial success she's dreamt of all along.

As for the film itself, Fashion is a story of a small-town girl, who aspires to be a supermodel. Propped by some resourceful and forever generous friends, she finds herself in Mumbai and soon begins to climb the vertiginous heights of success.

But like all good things in life, the achievements come with a hefty tag. And the meteoric rise of Meghna is soon offset by a near-fatal fall that leaves her scarred and bruised. Meghna's rise, fall and her eventual rise to the top again is what Fashion is all about.

Bhandarkar has been doing considerable research for his film. He has spared no efforts in getting some of the most experienced hands on board for the right feel. And in frame after frame the detailing, styling and the choice of the ensemble cast gives Fashion the realistic feel that is so important for a film of this genre.

The fashion shows are lavishly mounted and impeccably put together. The backstage frenzy is well captured, as is every gleam in the kohled eyes, the glitter of bronzed cleavages, tinkling of champagne flutes and even the clamour for the first row seats at fashion shows.

The ensemble cast includes a smattering of industry experts: there is veteran choreographer Achla Sachdev, designers Wendell Rodricks, Narendra Kumar Ahmed, Shane and Falguni Peacock and a host of other real-life professionals, including a bevy of the top models: Noyonika Chatterjee, Alecia Raut and Mugdha Godse, who plays Priyanka's friend Janet.

Of course, like in all Madhur Bhandarkar films there are several references to real life incidents in Fashion too.

Those in the know will smile at how Bhandarkar includes everything: from socialite Queenie Dhody's now-famous marital dispute to the great designer spat between Aki Narula and Suneet Varma.

Kangana's character Shonali bears a striking resemblance to the troubled model Geetanjali Nagpal, who was found begging on the city streets, after a professional and personal crisis. And yes, there is also the scene where Shonali has a wardrobe malfunction, just as Carol Gracias had during Fashion Week some time back.

Janet's liaison with a rich gay designer is also something that isn't too hard to find in this particular world. And indeed Priyanka Chopra's character too seems to be based on real life model Shivani Kapur – once the face of a cosmetic giant, now spending most of her time away from the glare of the arc lights.

'Don't think. You are a model'

Bhandarkar's Fashion is more about the models, the 'clothes hangers' as they are known. Often dismissed as bimbettes they earn the odd buck by appearing for page three dos and if they are good enough, get to walk the ramp for top designers.

The film captures the pathos and irony of these pretty girls, who are often talked down by designers with lines like "You are model. You are not supposed to think." It is a world where professional contracts have no-marriage, no pregnancy clauses, while brand ambassadors are often the victims of a rich man's whims.

Male models have the toughest time here – refusing to sleep with a gay designer would mean absolutely no chance to be seen anywhere near the ramp.

There is enough coke-snorting, cigarette smoking and drinking in the film to warrant an A-certification. And that's where maybe Madhur got a little too self-obsessed while trying to explore the dark side of this glitzy world. But what the heck… it works!

While the references could have been many, Bhandarkar does not get carried with 'reality' and thankfully does not come across as didactic. The fashion shows are pictured and styled very well (thanks to style consultant Rita Dhody) while certain scenes stand out for their masterful handling.

The interaction between Priyanka and Kangana in the ladies restroom, the first time Priyanka lights a cigarette and later when she realises she has slept with a complete stranger in a cheesy hotel, are just some examples.

A special mention for music directors Salim and Suleiman, whose haunting signature tune seems to have captured the essence of the film bang on.

For a change unlike most Bollywood films, Fashion belongs to the ladies. For nearly three hours they hold you in thrall. And the beauty is, while the film is about the sinfully glitzy world of fashion, none of the actresses have had to resort to titillation to hold your attention.

Kangana Ranaut has a relatively small role to play. But she's a key to the way Priyanka's character evolves in the second half and in that sense becomes significant. She plays a super successful model who has a very tragic personal life – an abusive boyfriend and colleagues who don't hesitate to backstab her. Kangana does a convincing job. But seeing her as the doped-out and self-destructive psychotic woman for the nth time puts you off. Probably it's time Kangana takes a break from playing these roles.

Mugdha Godse though is a revelation. She seems confident for a newcomer and has a great body too. Kitu Gidwani is chillingly real as the ruthless head of a modelling agency.

As for the men in Fashion, let's just say they're either gay or wimps. Now that's tad too much to handle, especially the gay bit. Arjan Bajwa is just about okay, while Arbaaz Khan as the owner of one the largest fashion houses also does a fairly interesting job. He plays the man who creates the phenomena of supermodel Meghna Mathur and then ruins her life.

And finally Priyanka Chopra – right from the very first scenes as the gauche small-town girl dressed in blingy clothes, inept at air kissing to the super confident and later super arrogant bi**h – is absolutely brilliant.

She uses her eyes eloquently – her small paunch notwithstanding – struts her stuff in designer heels quite well. Her transformation from the simple, awkward girl petrified of shooting for a lingerie ad to the drop dead gorgeous show stopper, gives you the goose pimples. Priyanka's portrayal of a woman who's headed for a fall because she cannot see the thin line between arrogance and attitude draws you to her. It helps also that the character she plays has been very well etched out. Meghna Mathur could well be your model-next-door whose inability to handle success, relationships and her life, is something many of us can relate to in some way or the other.

Her first sip of wine, her first flirtation or first seduction, her first lovemaking, her first puff of cigarette and her very first betrayal are all personal milestones that become yours too. And they all add up to the grand finale, when she steps out to the face the world again, rising from the ashes. Surely, the climax is riveting though it comes a little too late. Yet chances are you will find yourself giving Priyanka Chopra a standing ovation.

Having gushed enough about the film, here's the list of things that don't work: Madhur's obsession with poking fun at high society continues with digs at socialites, trophy wives and gay designers. A little maturity and sensitivity may have helped here.

The film is more about models than about fashion, really. It is not about the designers, the clothes or the creative process. In Madhur's world the designers are either gay or exploitative or both and of course quite like in Page Three almost all socialites are bad, sad and bitchy. What's more, Priyanka's friends are always 'too good', generous to a fault, making them a little unreal.

However at the end of it all Bhandarkar shows you how to make an absolutely kickass film without a single male lead. And that in itself calls for a celebration.

Verdict: Shut out the endless chatter about six-packs and eight-packs and coordinated stunts by 40-something actors. Fashion is an ode to women, beautiful women who can deliver a killer performance.

Rating: 3.5/5