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Tom Ford has dressed everyone from Jennifer Lawrence to Beyonce, but he’s most proud of the minimalist white gown and matching floor-length cape he gave Gwyneth Paltrow for her appearance at the 2012 Oscars. “I have to say that was my favorite fashion moment,” the designer told audiences at the 92nd Street Y’s “Fashion Icons” lecture series in New York City. “I loved the simplicity of it and I loved it for that moment in time.” A cape takes confidence to pull off, and Ford acknowledged that.  “I love that Gwyneth was brave enough to do that,” he said. “And that she stood so perfectly in that outfit.” We agree—she topped our 2012 Oscars best-dressed list!

See more looks from the 2012 Oscars!

Emily Blunt knows that you have to make some sacrifices for fashion, including leaving your man at home for the sake of an outfit. “This was the perfect event to wear a tux to because my husband’s not here,” the actress told us of her Tom Ford look at the launch of her stylist Jessica Paster’s collection for justfab.com last week. “Jessica pulled this outfit for me because she knows that I’ve been wanting to do a tux for a while.” And she’s happy that she didn’t have to compete with husband John Krasinski for the menswear’s spotlight. “When couples both wear tuxes, they end up looking completely ludicrous,” Blunt added. “I said to John, ‘You’re not coming—just so I can wear this tux.’” What a compromise!

Plus, see Emily Blunt’s latest red carpet hits!

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• Red Carpet Trend: Pantsuits

— Lindzi Scharf