Four designers start this episode but the runway will determine which three will go to the final at Olympus Week. The challenge: to design an evening gown that represents the collection they hope to show at Olympus Fashion Week.The designers were treated with a trip to visit the offices Fern Mallis, the Executive Director of Olympus Fashion Week and Fashion Weeks world-wide. In the fashion industry Fern knows everybody and everything.

Back at Parsons, the designers are told that they have a budget of $300 and two days to complete their work. Supermodel, Iman is not only the guest judge, she will also wear the winning dress to a red carpet affair, the Elle-hosted Project Runway premiere party in New York.