The site features high-resolution images and fashion editorial with a strong focus on debate and opinion for "forward-thinking women".
David Shing, AOL Europe's head of media and marketing, said: "We have adopted a new editorial approach, blending the best of premium publishing traditions with our rich heritage in online content, advertising and technology."
MyDaily has been launched to coincide with London Fashion Week and features behind the scenes vodcasts and exclusive content from designers Christopher Kane and Mark Fast. It also has interviews Yasmin Le Bon and Manolo Blahnik.
AOL has appointed Carla Bevan, former online editor of Marie Clare, as MyDaily editor-in-chief in the UK.
She said: "MyDaily is the definitive destination for super-stylish, quick-thinking women in the UK. Every day, we'll be delivering inspiring, entertaining and informative features for women who care as much about today's headlines as today's hemlines."
The launch is part of AOL's wider strategy to become the world's largest content creator, focusing on premium content, in a move that distances itself from its previous plans to attract younger audiences with its acquisition of Bebo.
AOL reported a $1.06bn net loss for the second quarter of 2010 due to an impairment charge related to the sale of its social networking site Bebo, which it sold to US-based venture capital firm Criterion Capital Partners in June.
Earlier this month the Telegraph launched its own fashion and beauty website.