Out thrifting a few weeks ago, I spotted a $3 wool dress remarkably similar to this one from Orla Kiely's AW 11 collection.
The Wool Jersey Collar Dress ...in Olive.
My dress started out somewhat large (vtg size 10), so had to be nipped in here and there and shortened several inches. Sadly, those deep pleats were out of the question --not nearly enough fabric. But the dress was beautifully hemmed inside with a wide band of lace, which I salvaged for my new "invisible" hem.
I reattached the lace inside the skirt, a couple of inches above the original hemline. As this seam won't show, it doesn't matter that all I had on hand was contrasting thread...