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1) A term coined by the Target corportation, ostensibly meaning "fabulous, but costs less".

2) Lacking fabulousness.
Have you seen Isaac Mizrahi's Target line of clothing? Definitely fabuless.
by McBangle September 30, 2007
something which is normally extremely pleasing in nature, feeling or appearance having an 'off' day
I'm hot, tired and this outfit is wrong; I feel completely fabuless.
by DJA January 22, 2006