I duplicated the image layer, added a temporary mask of the offending area, then found Soft Light blending mode to provide a pretty good correction. Repainted the mask for better transition.
I liked the variations of magenta in the upper part of the dress, so I painted some in over the lower part on a third layer in Color blending mode.


forum discussion: http://forums.dpreview.com/forums/read.asp?forum=1006&message=29414025

original image (on left) by Cameron Habib