Some of this is true regarding the really basic concepts behind what is considered attractive to wear. In everyday life, women seek to wear "flattering" fashion, which are basically clothes & makeup & hairstyles which emphasize those natural signals of being "sexy". Practical fashion tips focus on balancing the body proportions, applying makeup to enhance features but still look "natural", and to style the hair to look healthy.
Men's everyday fashion does this also - think about a suit for a moment. They emphasize broad shoulders, the tie is a phallic symbol, etc.
However, high fashion can be very subversive to these basic concepts. Just as with any art, it likes to challenge people's perspectives, especially when it comes to beauty and what is sexually attractive (as sexual attractiveness & beauty are not always one & the same). Example: you'll often see fashion playing with different silhouettes - ones which don't emphasize the natural form.
This is why the typical person turns their nose up at high fashion; "Who would wear that in real life? It's ridiculous!" or "That's ugly!". Women who embrace this end of fashion often do so because of the control it gives you over your own appearance, the creativity involved to set forth your own concept of what is aesthetically pleasing (or just interesting), the power to challenge what a woman is "supposed" to look like, etc. Most women just follow or are influenced by mainstream styles of dress, which is just to make themselves more attractive and/or to meet the requirements of appropriateness.