Cheap n' chic!

Katie Holmes dazzled in a long sleeve LBD for the launch of designer Narciso Rodriquez's new Kohl's DesigNation collection Oct. 22 in New York City, proving that she is one hot -- and thrifty -- mama. The price tag for Holmes' curve-hugging cocktail dress, which she paired with a black clutch and nude Loeffler Randall shoes? Just $70!

PHOTOS: Katie's red carpet evolution

Walking the red carpet alongside Emma Roberts and Julianna Margulies, Holmes -- who'll return to Broadway Nov. 29 in Dead Accounts -- has made quite the mark on the fashion world in recent months.

PHOTOS: How Katie changed during her marriage to Tom

Inking a deal to be makeup pro Bobbi Brown's first-ever celebrity spokesperson, Holmes staged her inaugural Holmes & Yang presentation at NYC's Lincoln Center on Sept. 12. She presented the spring collection for the label she shares with pal Jeanne Yang.

VIDEO: Sneak peek! Watch Katie guest judge on Project Runway All Stars

"Katie is in a great place," a source told Us Weekly of the star, who is raising her 6-year-old daughter, Suri, as a single mom since divorcing Tom Cruise in June. "She's an amazing woman who has gone through a lot. She's happier than before and dotes on Suri."

This article originally appeared on Katie Holmes Wears $70 Kohl's Dress