The eight-part series, shot in New York, gives 11 budding fashion enthusiasts the chance to vie for an editorial job with Elle magazine.
The competitors will work as assistants to Elle's fashion news director Anne Slowey and in each episode they will carry out an assistant task and a fashion editorial assignment.
At the end of each week Slowey will fire one person, in consultation with Elle's creative director Joe Zee, until the last assistant standing gets the job.
The $100,000 grand prize includes a paid editorial position at Elle magazine, the lease on an apartment in Manhattan for a year and an annual clothing allowance at high street store H&M.
Fiver acquired the rights to the series from CBS Paramount International and it will be shown on Fiver in 2009.
Hannah Barnes, director of programmes at Fiver and Five US, said: "Stylista comes with superb credentials, and is an exciting and much anticipated addition to the Fiver schedule."
Fiver has also acquired reality series 'Step It Up & Dance' from NBC Universal International Television Distribution.
'Step It Up & Dance' is a reality competition series which puts 12 hopeful dancers through a series of tasks each week as they master dance styles ranging from ballet and ballroom to Broadway and burlesque.
The show, presented by 'Showgirls' actress and dancer Elizabeth Berkley and choreographer Jerry Mitchell, will be shown on Fiver in 2009.