In the article the fashion is considered as a phenomenon with a complicated structure consisting of the following elements: fashionable objects, fashionable values, fashionable meanings and the behaviour of fashion participants. In the article the attention is paid mainly to the fashionable values as a structure forming element of the fashion. The three levels of these values are presented: 1) the value aspect of standards and objects; 2) the attributive or primary values (up-to-dateness, universality, game, demonstrativeness): 3) denotative (secondary) values. The author analyses relations between the different values in the fashion structure.