Lifestyle Style Penélope Cruz Revved Up the 2024 SAG Awards Glamour in Head-to-Toe Chanel The actress and Chanel ambassador is nominated for her 'Ferrari' role By Bailey Richards Bailey Richards Bailey Richards is a writer-reporter at PEOPLE. She has been working at PEOPLE since 2023 and interned with the brand in 2022. Her work has previously appeared in digital publications like Paper Magazine and TV Insider. People Editorial Guidelines Published on February 24, 2024 08:21PM EST Penélope Cruz attends the 30th Annual Screen Actors Guild Awards on February 24, 2024 in Los Angeles, California. . Photo: Monica Schipper/FilmMagic Penélope Cruz has our hearts racing with her latest red-carpet ensamble! All eyes were on the Ferrari star, 50, in Chanel at the 2024 SAG Awards on Saturday. An ambassador for the French fashion house since 2018, she wore a custom strapless navy blue dress embroidered with blue sequins and an off-the-shoulder flounce. The actress accessorized with Chanel Fine Jewelry, including pendant earrings and two rings. Penélope Cruz attends the 30th Annual Screen Actors Guild Awards on February 24, 2024 in Los Angeles, California. Amy Sussman/WireImage Penélope Cruz Isn’t Worried About Aging as She Gears Up for Her 50th Birthday: 'It’s a Huge, Beautiful Thing' Cruz — whose portrayal of Laura Ferrari earned her a nomination for outstanding performance by a female actor in a supporting role — has had several memorable fashion moments this awards season. Last month, she dazzled at the 14th annual Governors Awards. At the event, the Chanel muse wore a three-tiered white gown with a corset featuring intricate floral details. The bodice featured Gold Chanel logo buttons, and the dress straps and belt were made of the brand's signature tweed. Penélope Cruz Hits the Met Gala Red Carpet in a Sparkling Pale Blue Ballgown The Ferrari star accessorized the Governors Awards fit with a white Chanel quilted bag with gold hardware, as well as a pair of diamond drop earrings and a single diamond ring. For her glam, she went neutral with a brown shimmery eye look and a matte brown lip. Penelope Cruz at the 14th Annual Governors Awards. VALERIE MACON/AFP via Getty Also last month, Cruz attended Variety’s Creative Impact Awards in another tweed ensemble — a dusty pink skirt set with an asymmetric hemline. The actress paired the look — a fun, texture-heavy take on a Chanel classic — with black pumps, a black-and-gold Chanel bag and a neutral glam. Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. Penelope Cruz at Variety's Creative Impact Awards on Jan. 5, 2024. Amy Sussman/Variety via Getty Images At the awards ceremony, Cruz was presented with an award by Sean Penn, who described her as an “acting animal” with great “intuitiveness and an imagination” in his speech. Penélope Cruz Says She's Scared of Driving Because 'My Sister Was Run Over By a Car': 'A Great Trauma' In her own speech, Cruz spoke of her early passion for acting before thanking director Michael Mann for choosing her to play “complex character" Laura Ferrari — the wife of Italian former race car driver and Ferrari automobile founder Enzo Ferrari (Adam Driver). "[Laura] represents so many women out there, not only in the period of Ferrari, but in so many places around the world then and today with women living in the shadows of men, constantly being ignored and suppressed," Cruz said. The 30th annual Screen Actors Guild Awards will stream live on Netflix Saturday, Feb. 24, at 8 p.m. ET, from the Shrine Auditorium & Expo Hall in Los Angeles.