Cruz is serving as one of the co-chairs during this year's fashion fundraiser.
All eyes were on Penelope Cruz as she arrived at the Met Gala at the Metropolitan Museum of Art in New York City!
Cruz, 48, dazzled as she made her entrance wearing a light blue Chanel couture Spring/Summer gown from 1988, complete with a hooded veil. The dress featured gorgeous beading throughout, and a corseted bodice that came together with a sequined belt.
Cruz very much channeled Snow White in the ethereal look, with the hood covering both her shoulders and a good portion of her hair, which she had fastened into a low bun. The Spanish actress kept her accessories simple, rocking a large, diamond ring and glittering silver earrings to match. As for her glam, Cruz opted for a nude lip and subtle smokey eye.
Cruz has a big role, as she joins Michaela Coel, Dua Lipa, Roger Federer and Vogue editor-in-chief Anna Wintour as co-chair for the event, which aside from a display of beautiful fashion, doubles as a fundraiser for New York City's Metropolitan Museum of Art.
Speaking to ET's Rachel Smith on the carpet, Cruz said the night was an emotional one for her, as she reflected on her "special" relationship with the late Karl Lagerfeld.
"This is a very emotional day, because we were very lucky to be able to spend time with Karl and I love him. I miss him so much, and to be here celebrating him is really special and emotional," Cruz shared.
Cruz actually walked in Lagerfeld's final show after his death. And while the late Chanel designer is no longer with us, Cruz said he's very missed.
"He was very special. He was very kind to me. I met him in 1999. And I was always wearing his designs, and then a few years before he died, he asked me to be an ambassador of the brand and then we became very close friends," Cruz added, reflecting on her relationship with Lagerfeld. "He was a very special, brilliant person that is very missed."
When it comes to her role as co-chair for Monday evening's event, Cruz kept her lips sealed, telling ET, "We were able to get together yesterday, with Dua and Roger and with Anna and Michaela, and talk a little bit about the plans here tonight, things that I cannot tell you -- a few surprises."
The Loving Pablo actress is no stranger to the fundraiser. In 2019, Cruz made her last appearance at the gala, wearing a stunning black-and-white Chanel Spring 1987 Haute Couture collection ensemble. For her debut in 2011, Cruz wore a custom piece by Oscar de la Renta, who escorted her during the evening.
The theme this year is "Karl Lagerfeld: A Line of Beauty" and celebrates the full work and life of the late designer. The exhibition -- which opens to the public on May 5 and closes July 16 -- features 150 of Lagerfeld's designs from Chanel, Balmain, Patou, Fendi, Chloe as well as his own personal line and are accompanied by his sketches.
The Chanel creative director died in February 2019. He was 85 years old. After the theme was announced in September, it sparked backlash due to Lagerfeld's alleged past problematic comments, including in 2009 that "no one wants to see round women." In 2018, he also said he was "fed up" with the #MeToo movement.
The dress code this year is "in honor of Karl."
Entertainment Tonight is on the iconic Met Gala red carpet so keep checking back with ETonline for more coverage from fashion's biggest night, including all of the jaw-dropping red carpet looks.
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