Before you blow your gift budget, take a moment to reconsider the tried and true Little Black Dress. This wardrobe staple is the ultimate style multi-tasker—simple, chic, slimming, and incredibly versatile. By adding the right shoes and accessories, one LBD can take you from day to night, elegant to eccentric, or vampy to ladylike.

With a body skimming silhouette, knee-length hem, tasteful embellishment, and saucy but subtle cutouts, this DKNY Satin Black Crepe Sleeveless Dress with Embellished Neckline and Back Cut Outs ($395) makes a fabulous foundation for a multitude of looks.