I am running a fashion website having 800 unique visitors per day and 125K page views per month. COuld you please recommend some best CPM or pay per click program?
Why not just try to strike deals with the fashion companies yourself? I know it is a bit more work, but you will make more in the long run that way.
To start off with, I'd use google ads (adsense) since they're contextual. It will show ad's related to what the viewer has been searching or viewing on their browsers, so its relevant ads to the viewer. Once you get a nice handle and decent traffic on your site, you can try casale media, valueclick media or tribal fusion. They will pay better rates per 1000 page views (CPM) but they do have some site requirements. Good luck!
I would try Share A Sale, shareasale.com. It costs $550.00 to activate your account, plus another $100.00 to be put in an account to pay your affiliates. They are really easy to work with and they take care of the affiliates really well as well as the merchants (i.e. you) I would check them out.