Brazilian model Bruna Tenório (Women), after Cushnie et Ochs, NYC, September 2012.
You can find Bruna's lovely blog here and her twitter account is @brutenorio_real 
Love the way Bruna has cinched her waist with the wide belt creating almost a peplum effect with the blouse which balances the slight flare of her trousers.
Recreate Bruna's look (kind of):
Although Bruna has belted her blouse, I think a peplum top might be easier to pull off for all of us with non-model bodies: Rebecca Taylor tweed peplum top, Topshop formal peplum blouse, ASOS top with structured peplum, Burberry London pleated ruched top (perfect for those who prefer a long sleeve and very subtle peplum) or Topshop lace peplum top
Red pants: Peter Som red trousers, Reiss Daria wide leg trousers, Marni red pants, or Alice + Olivia silk wide-leg pants