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Elle Fanning
Credit: Jon Kopaloff/FilmMagic

It was all about celebrating the accomplishments and charitable efforts of Tinseltown's rising stars at Variety's Power of Young Hollywood bash Tuesday night, with the mag's cover stars Elle Fanning, Ansel Elgort, and Jaden Smith, among others, on hand to kick off the event at NeueHouse in Hollywood, Calif.

Fanning stunned in a sheer Marc Jacobs dress complete with a caged bodice, tulle skirt, and plenty of removable shimmery bows and floral pins. The starlet told InStyle the dress reminded her of "'80s 'Material Girl' Madonna."

"It's her birthday today ... that was the inspiration," she said with a twirl. "I love it." And beyond her ensemble, the Neon Demon star was thrilled to be on the cover of Variety's Power of Hollywood issue. "It's really exciting. And since I just turned 18, I graduated," she said. "It's a special time."

Transparent star Emily Robinson, who rocked a high-collared, sleeveless Vince Camuto dress and nude Jerome C. Rousseau heels, was featured in the issue and told us she felt proud to be in the company of Fanning and Smith. "I really admire Elle Fanning's kind of brutal honesty on screen," she said. "I think that she's so fierce and really has just tackled the industry in such a beautiful, graceful, elegant, exciting way."

Robinson added, "I think Jaden Smith has been doing some really incredible things, especially when it comes to fashion recently."

As the bash began, Elgort opted for water and chatted up Game of Thrones star Sophie Turner (below), who wore a body-hugging green dress and nude pumps. The actor—in a black camouflage blazer, camouflage pants, a collared shirt underneath, and Velcro-strap sneakers—made sure to give her a shoutout when he hit the stage to thank Variety for his cover. "Sophie Turner is here. Pretty cool. I was like, 'I'm such a big fan,'" he said. "There are so many talented people here. I'm excited for us all to come up together and do great things in this industry and make great art."

Sophie Turner
Credit: Jon Kopaloff/FilmMagic

Smith (pictured below, with Winter and Robinson), who sported a floral-embellished leather jacket, a green "NYFDA" T-shirt, and jeans, soon followed and using his time on stage to talk about his plans to improve the environment. "My name is Jaden Christopher Syre Smith, and the way that I like to give back to the world is through the environment, because the way that the Earth is going right now, with the CO2 emissions and everything that is happening with the mass industrialization of planet Earth, it is taking the world to a breaking point where we almost might not be able to survive," he told the crowd. He showed off a boxed Just Water, and expressed his support for the environment-friendly packaging.

Emily Robinson, Ariel Winter, Jaden Smith
Credit: Jon Kopaloff/FilmMagic (3)

Fanning also took the stage to express her thanks for her Variety cover and for helping (with partner Pixhug) to raise money for her charity too. "Around the world, it's a charity that has camps and after school activities, and it's all about empowering young girls and young women to be strong and to have a healthy self-esteem, because whatever a guy can do, a girl can do also," she said. "Let's have a fun night."

And so, they did. Following speeches from Ariel Winter, and honorees Bethany Mota and Cameron Dallas, a DJ started spinning top 40 hits, and guests munched on sliders, shrimp rolls, truffle macaroni and cheese, and sipped bottles of Penta water, champagne and cocktails from the open bar.