Penélope Cruz is shining bright at the 2024 Screen Actors Guild Awards.

On Saturday, the 49-year-old actress looked absolutely breathtaking as she hit the red carpet in a custom navy blue Chanel cigaline dress embroidered with blue sequins and enhanced with an off-the-shoulder flounce. The gown is inspired by the Chanel Haute Couture Spring-Summer 2024 collection.

“This is Chanel couture from their last couture collection,” the actress told ET’s Kevin Frazier. “I love it.”

Cruz paired the stunning style with Chanel shoes and jewelry from the brand’s N°5 Collection, including a diamond sillage ring in 18K white gold, diamonds and a cushion-cut diamond, Les Talismans Fascinante pendant earrings in white gold, enamel and diamonds, and a Tweed De Chanel icône ruban ring in white gold, diamonds and pearls.

She also rocked a short hairstyle for the occasion, which she told ET was “very new.”

“I’m always transforming the hair for a character, and this time, I said, ‘No, I need to do something for me,’ and so I just cut it,” she said.

Cruz is nominated in the Outstanding Performance by a Female Actor in a Supporting Role category at this year’s ceremony for her powerful role opposite Adam Driver in Ferrari. While this marks the star’s fifth nomination at the SAG Awards, she has yet to take home the Actor trophy.

“I don’t understand how that happened. I’m the I’m the first one to be surprised,” she told ET of her nomination. “Where I come from, I could not dream about this kind of thing. I could dream, but it was like saying, ‘I wanna go to the moon.’ I didn’t know anybody that had a job related to the arts and could make a living out of that.”

“This is just about [how you] keep valuing everything and the fate that I can wake up in the morning and I can do the work that I love,” Cruz continued. “Since I was a little girl, I never take it for granted. I’m very, very lucky to have this.”

Cruz plays Laura Ferrari, the wife of racing legend Enzo Ferrari (Driver), in the film. For her dramatic transformation, Cruz previously told ET that it wasn’t so much about perfecting her character’s waddle — which she absolutely nailed with the help of plantillas (or shoe inserts) — but more about knowing the person’s character.

“I think the walk came after a few months preparing for the character, finding out who she was,” she said. “I don’t think you can decide first what is the look of a character or what are the shoes. Everything has a meaning, but first you have to know what’s inside. What is her mind.”

The SAG Awards are voted by members of the Screen Actors Guild and honor the best performances of the year on film and television. The “Barbenheimer” phenomenon continued this year, with Barbie and Oppenheimer earning the most total film nominations, with four apiece.

In television, Succession continued to reign supreme with five nods, while The Bear, The Last of Us and Ted Lasso followed with four each.

The 2024 Screen Actors Guild Awards is on Saturday, Feb. 24, at 5 p.m. PT/8 p.m. ET and is streaming live on Netflix from the Shrine Auditorium & Expo Hall in Los Angeles. Follow along at ETonline.com for full coverage from the awards show, including red carpet arrivals, winners and more.

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