Every closet needs that go-to dress that can be easily dressed up or dressed down. A dress that is perfect for every occasion, a dress that can go from day to night and from the office to cocktail hour. That closet staple is without a doubt the wrap dress.

When it comes to wrap dresses you can't go wrong with the queen of the wrap dress, Diane Von Furstenberg. Diane sprung into the fashion scene in 1972 with this credo: "Feel like a woman. Wear a dress." Five million wrap dresses later, Miss DVF graced the cover of the November 1976 issue of Newsweek, as the most marketable designer since Coco Chanel (um, wow). She reemerged in 1997 and her jersey knit wrap dresses are as popular as ever. In 2005, the Council of Fashion Designers of America (CFDA) awarded her a lifetime achievement award. And in 2006, she was named president of the CFDA.

Now that is a style that sticks, which shouldn't come as a surprise since the wrap dress is so versatile and it shaves about 10lbs off your frame. A jersey wrap dress will have you looking polished at the office with a sensible pair of shoes, classic jewelry, and an "I mean business" bag. After hours pop on a push-up bra, some sexy heels, and tousle that hair and you will be irresistible.

A DVF wrap dress doesn't come cheap (between $325 and $650) but for something that is never going out of style it's definitely a fashion investment (for closet staples it's okay to splurge, really). If you are lucky you can wait for one to go on sale at Saks Fifth Avenue or Neiman Marcus for a little over $150, I even have a few friends that have lucked out on eBay.