First of all, yes, Pakistan has been troubled with religious extremism a lot in the recent years. However, what the European and US media experts forget is that there is no official rule in Pakistan that a woman must follow Islamic dress code. Secondly, Pakistan had the first female Prime Minister in Muslim World when Benazir Bhutto was elected in 1988 election. If you watch Pakistani movies then you can also understand the actresses can wear revealing dress and that is why, I really cannot understand the euphoria over the fashion week.
In big cities like Karachi , educated girls often come out in the streets wearing western dress. By the way, in case you did not know, Pakistan has even a national women's cricket team.