A peplum is a garment like a blouse or top, with a small skirt-ish sort of thing at the bottom.
From an article in the Guardian:
"It won't make you look thin, men don't find it sexy and it gets crushed on public transport..."
Damn right on the first two at least. Still, the article then asks: "...how do you carry it off?" - and you know it has to come from the fashion section.
Reminds me of those hideous bubble dresses. Glad they're pretty much gone.
Okay, yes I admit: it's the actuality I dislike more than the word. Yet I'm none too fond of the word either. It comes from the Greek word for tunic. There's also Peplos, a kind of women's garment in ancient Greece.
For further information see the Wikipedia article overskirt. I got the image from there because I couldn't find a more exemplary demonstration of what I don't like about it.
Where did I encounter this word? Saturday, in the fashion pages of the Herald's colour supplement. Why was I even looking at this page? I think I was just thumbing past it, when this word sprung in front of my eyes before I could turn past it. Yet again I thought, hang on, this is not a word. But the fickle finger of fashion doubtness churns through new words faster than... well, butter, I guess.