I planned on using Jessicake's method and even printed out a template but luckily my Ateco diamond cutter set came in the mail in time for these two and I didn't have to cut every piece with my Xacto knife. Working with one strip of fondant at a time and keeping the rest covered with plastic wrap to avoid drying, I cut triangles, lining up the corners with the bottom of the strip, then did the same thing with the top of the strip. I brushed my cake with vodka and carefully transferred the strip to the turntable. Stretching too much will cause it to crack. You could add some tylose to your fondant or even use gum paste to give it more stretch. Starting in the middle, I pressed it onto the cake, wiggling it slightly to make sure it was lined up straight.
http://cakecentral.com/gallery/2372426/barbie-btch
http://cakecentral.com/gallery/2368151/coral-chevron
