PHOTOS: See the Hottest Looks from the 2016 CFDA Fashion Awards

Model Ashley Graham attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Photo: Dimitrios Kambouris/WireImage

The 2016 Council of Fashion Designers of America's Fashion Awards are currently underway in New York's Hammerstein Ballroom and we're keeping an eagle eye on the red carpet's hottest looks. The CFDA Fashion Awards, unofficially known as the Oscars of fashion, celebrates the industry's most talented designers—and with this year's roster of attendees, we won't be disappointed.

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Irina Shayk sizzled in a red hot halter jumpsuit by Misha Nonoo, while Karlie Kloss brought her A-game in a fresh Rosie Assoulin halter frock with a polka dot cutout apron detail. Meanwhile, veteran model Heidi Klum exuded glamour in a geometric black-and-white gown with a panel of polka dots on her midsection.

Joel McHale is set to be the master of ceremonies, while Grammy Award winner Jennifer Hudson will deliver a special performance. Expect to see fashion heavyweights like nominees Marc Jacobs, Mary-Kate and Ashley Olsen, and honoree Donna Karan, among others, tear up the scene as guests enjoy bubbly from Perrier-Jouët during the evening's festivities.

Click through for some of the most eye-catching looks of fashion's biggest night.

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Beyoncé, Jay Z, and Blue Ivy Carter

Beyoncé, Jay Z, and Blue Ivy Carter
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Beyoncé in Givenchy and Lorraine Schwartz jewels.

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Rosie Huntington-Whiteley

Rosie Huntington-Whiteley
Kevin Mazur/WireImage

Rosie Huntington-Whiteley in Michael Kors Collection.

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Irina Shayk

Irina Shayk
Dimitrios Kambouris/WireImage

Irina Shayk in Misha Nonoo.

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Karlie Kloss

Karlie Kloss
Jamie McCarthy/Getty

Karlie Kloss in Rosie Assoulin.

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Heidi Klum

Model Heidi Klum attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
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Julianne Hough

Julianne Hough
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Julianne Hough in Michael Kors Collection.

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Ashley Olsen, Elizabeth Olsen and Mary-Kate Olsen

Ashley Olsen, Elizabeth Olsen and Mary-Kate Olsen attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Kevin Mazur/WireImage
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Martha Hunt

Model Martha Hunt attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Jamie McCarthy/Getty Images
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Kirsten Dunst

Kirsten Dunst
Clint Spaulding/Getty

Kirsten Dunst in Rodarte.

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Jamie Chung

Jamie Chung
Dimitrios Kambouris/WireImage

Jamie Chung in Banana Republic.

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Zosia Mamet

Zosia Mamet
Jamie McCarthy/Getty

Zosia Mamet in a Gigi Burris headscarf, Azlee and John Hardy jewelry, and an Edie Parker clutch.

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America Ferrera

America Ferrera attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Kevin Mazur/WireImage

America Ferrera in Irene Neuwirth Jewelry.

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Nicole Miller

Designer Nicole Miller attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Dimitrios Kambouris/WireImage
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Lena Dunham

Lena Dunham attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Jamie McCarthy/Getty

Lena Dunham in Irene Neuwirth Jewelry.

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Betsey Johnson

Betsey Johnson attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Kevin Mazur/WireImage
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Diane von Furstenberg

Designer Diane von Furstenberg attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Clint Spaulding/Patrick McMullan/Getty
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Lauren Conrad

Television personality and fashion designer Lauren Conrad attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Clint Spaulding/Patrick McMullan/Getty

Lauren Conrad in Kohl's.

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Fashion Designer Vera Wang attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
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Olivia Culpo

Olivia Culpo attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Kevin Mazur/WireImage
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Nadja Swarovski

Nadja Swarovski
Dimitrios Kambouris/WireImage
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Steven Kolb

Steven Kolb
Dimitrios Kambouris/WireImage
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Alek Wek

Alek Wek attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Kevin Mazur/WireImage
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Christina Ricci

Christina Ricci
Clint Spaulding/Getty
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Selma Blair

Selma Blair
Jamie McCarthy/Getty
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Doutzen Kroes

Doutzen Kroes 
Kevin Mazur/WireImage
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Alessandro Michele

Creative director of Gucci Alessandro Michele attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Jamie McCarthy/Getty
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Norma Kamali

Designer Norma Kamali and Geoffrey Beene Lifetime Achievement Award winner attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Dimitrios Kambouris/WireImage
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Jennifer Hudson

Jennifer Hudson attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Kevin Mazur/WireImage

Jennifer Hudson in Kurt Geiger London Pumps.

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Alessandra Ambrosio

Model Alessandra Ambrosio attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Jamie McCarthy/Getty

Alessandra Ambrosio in Michael Kors Collection.

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Stuart Weitzman and Ciara

Designer Stuart Weitzman and singer Ciara attend the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Nicholas Hunt/Getty
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Joan Smalls

Joan Smalls attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Kevin Mazur/WireImage

Joan Smalls carries an Eddie Borgo minaudière and jewelry by the same brand.

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Alicia Silverstone

Actress Alicia Silverstone attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Jamie McCarthy/Getty Images
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Laverne Cox

Laverne Cox attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Clint Spaulding/Patrick McMullan/Getty

Laverne Cox in Marc Bouwer.

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Elsa Hosk

Model Elsa Hosk attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
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Adriana Lima

Adriana Lima
Nicholas Hunt/Getty

Adriana Lima in Marc Jacobs.

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Mara Hoffman

Designer Mara Hoffman attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
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Claire Danes

Claire Danes
Jamie McCarthy/Getty
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Coco Rocha

Coco Rocha
Jamie McCarthy/Getty
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Jason Derulo

Jason Derulo
Kevin Mazur/WireImage
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Alexander Skarsgard

Alexander Skarsgard
Jamie McCarthy/Getty
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Jessica Chastain

Jessica Chastain
Clint Spaulding/Getty
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Jourdan Dunn

Jourdan Dunn
Kevin Mazur/WireImage
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Olivia Palermo

Olivia Palermo
Jamie McCarthy/Getty
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Naomi Campbell

Naomi Campbell
Jamie McCarthy/Getty
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Olivia Wilde

Olivia Wilde
Kevin Mazur/WireImage
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Tilda Swinton

Tilda Swinton
Kevin Mazur/WireImage
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Sarah Paulson

Sarah Paulson
Nicholas Hunt/Getty
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Tory Burch

Tory Burch
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Tracee Ellis Ross

Actress Tracee Ellis Ross attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Dimitrios Kambouris/WireImage
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Georgina Chapman

Georgina Chapman attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Kevin Mazur/WireImage
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Calvin Klein

Designer Calvin Klein attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Clint Spaulding/Patrick McMullan/Getty
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Brandon Maxwell and Naomi Campbell

Brandon Maxwell and Naomi Campbell attend the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
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Rachel Zoe

Designer Rachel Zoe attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Nicholas Hunt/Getty
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Taylor Hill

Taylor Hill
Nicholas Hunt/Getty

Taylor Hill in custom Thakoon.

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Joel McHale

Joel McHale attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Nicholas Hunt/Getty Images
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Rachel Roy

Rachel Roy
Jamie McCarthy/Getty
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Riley Keough

Riley Keough
Nicholas Hunt/Getty
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Ryan Seacrest

Ryan Seacrest
Jamie McCarthy/Getty
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Tommy Hilfiger and Dee Ocleppo

Tommy Hilfiger and Dee Ocleppo
Jamie McCarthy/Getty
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Sara Sampaio

Model Sara Sampaio attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Jamie McCarthy/Getty
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Carly Cushnie and Michelle Ochs

Designers Michelle Ochs (L) and Carly Cushnie of Cushnie et Ochs attend the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Dimitrios Kambouris/WireImage
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Emily Ratajkowski and Jason Wu

Model Emily Ratajkowski and designer Jason Wu attend the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Clint Spaulding/Patrick McMullan/Getty

EmRata and Jason Wu's couple style? The three S's—smoldering, sexy, and sharp that meet the dress codes of a black-tie affair.

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Monique Lhuillier and Hilary Rhoda

Designer Monique Lhuillier (L) and model Hilary Rhoda attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Nicholas Hunt/Getty

Texture was the shared thread between Monique Lhuillier and her date, model Hilary Rhoda. While Monique went for an intricate beaded, floral-appliqued gown (of her own design, of course), Hilary wowed in a sheer gown (a Monique design, of course) painted with gold florals.

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Ashley Graham

Model Ashley Graham attends the 2016 CFDA Fashion Awards at the Hammerstein Ballroom on June 6, 2016 in New York City.
Dimitrios Kambouris/WireImage

Ashley Graham in Michael Kors Collection.

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