Penelope Cruz stepped on the red carpet in Hollywood tonight for the 2012 Oscars looking her best ever since her Atelier Versace at the 2007 Oscars.

The Spanish actress embodied screen sirens of Hollywood’s golden era in a custom Armani Privé gown.

I love the colour of the dress which is an ethereal combination of blue and grey blended to look like a stormy sky, and looks beautiful against her dark hair and olive skin.

The look features dramatic off-the-shoulder straps and a fitted bodice. The waist is enveloped by a drape of fabric that cascades into gathered pleats, causing an understated, luminescent liquid effect.

Chopard jewels, including a simple collar necklace which was a big trend of the night, accessorize the dress.

The stunning look was paired with a retro-inspired faux bob and Chopard jewels.

Credit: Getty