Meaning:
“小” means “little,” “香” here is short for “香奈儿,” the Chinese transliteration of “Chanel,” and “风” means “style.” This term, coined by Chinese fashionistas, refers to a dressing style that’s elegant, smart and simplistic, usually in the form of suit dresses, one-piece dresses, shirts, dress pants, cardigans and short blouses. Chanel’s little black dress is a classical piece and representative for this style.
Example:
A: 你这件小香风连衣裙真漂亮，一定不便宜吧？
Nǐ zhèjiàn xiǎoxiāngfēng liányīqún zhēn piàoliang，yīdìng bù piányi ba？
This one-piece dress in the elegant Chanel-kind-of-style is gorgeous. It must have cost you an arm and a leg.
B: 双十一的时候我在淘宝买的，才两百元人民币。
Shuāngshíyī de shíhòu wǒ zài táobǎo mǎi de，cái liǎngbǎiyuán rénmínbì。
In fact, I bought it on taobao.com during the Single’s Day sales and it cost only 200 yuan.