This is a vintage black silk and velvet art deco-era dress. It has a white ermine collar and an extended peplum around the waist that forms a sort of skirt that goes over the longer column skirt.
What really makes this dress so special is how of-the-moment the cut is again! The extended peplum was seen again this season in Giles Mendel show. And, the whole combination of black with white details never goes out of style. You can see the influence that Coco Chanel had on the cut of this dress--it is feminine while still being gamine.
Photo courtesy of ebay seller timesupvintage.