Michelle Obama wows in a $35 H&M dress

 First Lady Michelle Obama appeared on the "Today" show yesterday to talk to Matt Lauer about a number of issues, including President Obama's job performance and the fact that he now has quit smoking. She also dispelled rumors that her husband dyes his grey hair and spoke about not letting her daughters on the social network site Facebook.

But, in the fashion world, the big news from Mrs. Obama's interview was her choice of dress. The first lady wore a breezy, feminine, polka-dot piece, not from some fancy big-name designer, but off-the-rack and available for $34.95 from Swedish company H&M.

The navy frock is part of the retail chain's current collection, which is in stores across the country now. Mrs. Obama's office said her stylist customized the look by adding three-quarter-length sleeves and pairing the dress with a bold orange belt (in lieu of its original red cloth sash) and bright yellow heels.

Though lately she's been making a splash in higher-end designs, like the Alexander McQueen gown she wore to a recent state dinner, Mrs. Obama is no stranger to bargain fashion. In the past, she's donned $10 t-shirts from the Gap, sundresses from Target and is known to favor mid-range chain stores like J.Crew.

It's also not the first time she's chosen a design by H&M. On the 2008

campaign trail, she famously pulled off a striped shift dress from the chain and paired it with a thick black belt, part of a signature look which was said to make her seem more accessible to many American women.