peplum

1. A short overskirt or ruffle attached at the waistline of a jacket, blouse, or dress.
2. See peplos.

[Latin, robe of state, from Greek peplon, neuter of peplos, peplos.]

The noun has 2 meanings:

Meaning #1: a flared ruffle attached to the waistline of a dress or jacket or blouse

Meaning #2: a garment worn by women in ancient Greece; cloth caught at the shoulders and draped in folds to the waist
  Synonyms: peplos, peplus