Penélope Cruz Hits the Met Gala Red Carpet in a Sparkling Pale Blue Ballgown

The actress and Chanel muse, who is also a co-chair of this year's event, shined bright on the Met Gala carpet

Penélope Cruz's gown for the 2023 Met Gala is what sartorial dreams are made of!

On Monday, the Oscar-winning actress, 49, walked the red carpet wearing a fairytale-like ballgown with tons of bling in honor of this year's theme, "Karl Lagerfeld: A Line of Beauty."

Sticking to the "In Honor of Karl" dress code, the On the Fringe star, decided on a pale blue Chanel ball gown, adorned with gemstones cascading down the layered skirt as well as sequins and pearls on the bodice. The design featured a romantic translucent organza hood trimmed with silver sequins that Cruz draped over her slicked-back bun. Gemstone drop earrings and a leather belt completed her look.

Cruz's evening wear was inspired by a design that debuted in the label's Haute Couture Spring/Summer 1988 collection.

Just before arriving, Cruz shared a photo to Instagram paying tribute to the late fashion designer, who is the center of the night's event.

"My dear Karl, I hope you are feeling the love. I know you are," she wrote.

Related:Everything to Know About the 2023 Met Gala

This year is a special Met appearance for the Everybody Knows star, who was named a co-chair of the prestigious red-carpet event in January. Cruz serves the high position with long-standing chair member and Vogue titan Anna Wintour, as well as Dua Lipa, Michaela Coel and Roger Federer.

According to the The Hollywood Reporter, the role consists of responsibilities like curating the guest list, collaborating with chefs on the evening's menu and working with interior designs in creating the atmosphere of the prestigious affair.

Cruz's appearance at fashion's biggest night was of course fitting too, as she joined the label as a brand ambassador in 2018.

"It's such an iconic brand and Karl is a genius, and I've been admiring everything he's done since I was a little girl, so it's such a pleasure working with him," Cruz told WWD of her new partnership at the time.

Be sure to check out all of PEOPLE's Met Gala coverage to get the latest news on fashion's biggest night.

Related: Penélope Cruz Recalls Her Last Night with Karl Lagerfeld Before His Death: 'It Was Magical'

As one of the famed designer's muses Cruz, alongside Cara Delevingne, Kaia Gerber, Naomi Campbell and Claudia Schiffer, walked the runway to present his final collection in Paris one month after his death in 2019.

For the occasion, she took the catwalk in a snowy white look (featuring a ruffled chiffon top, furry mini skirt and wedge snow boots) with her hair tied with a velvet ribbon and a feathery accessory.

Just a couple of years later, she recounted her last day with Lagerfeld before his death, telling PEOPLE, "We were walking in Central Park at 12 at night and it was really magical."

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