On 2/17/12 I read a Huffington Post style article titled Stefano Pilati: 'It's Not Easy To Find Elegant Women'. Mr. Pilati, who is the creative director at Yves Saint Laurent, is quoted in an interview with VICE as saying:  
My idea of elegance...is that someone is elegant when he or she shows a good knowledge of what fits them, where you can find naturalness and self-esteem. Not showing off. Elegance is the idea of showing an optimistic depiction of oneself, and to lose oneself in the frivolity of style and fashion. Nowadays nobody gives a shit about being elegant, or chic.
This article has sent me on a search for the meaning of elegance, and whether or not it matters. It is a somewhat personal quest because I don’t feel elegant myself. I wonder if I should, whether or not it is important. Mr. Pilati does not exhibit elegance in his choice of words; is he correct in saying that it is hard to find elegant women now?

I start by showing and quoting Audrey Hepburn, the most elegant woman I can think of.

“For beautiful eyes, look for the good in others; for beautiful lips, speak only words of kindness; and for poise, walk with the knowledge that you are never alone.” —Audrey Hepburn