Florence Pugh's Naked Cape Dress Has 2 Huge Side Cutouts

Vanity Fair magazine's much-anticipated Hollywood Issue has arrived, fronted by 12 celebrities, including Selena Gomez, Julia Garner, Florence Pugh, and more. With fashion details such as velvet peplums, bright yellow minidresses, and leather separates galore, it's "Don't Worry Darling"'s Pugh who stands out among the crowd, looking nearly nude in a flesh-toned silk midi dress with cutouts and a cape, designed by Valentino. The spread was photographed by Steven Klein and styled by Patti Wilson.

Though the 27-year-old star wears a black cutout minidress by Dion Lee in the interior feature for her solo portrait, she stands almost naked on the cover. Her Valentino dress is crafted of a thin, sheer silk crepe that leaves little to the imagination. Her statement-making platform heels are designed by Giambattista Valli, with gloves from Lael Osness. Atop her right wrist is an iconic Elsa Peretti for Tiffany & Co. bone cuff, and she's also wearing Tiffany & Co. Schlumberger and Maria Tash earrings.

While Pugh has shown skin in the past, this is the first time she's arrived at the trend for such a classic moment — on a cover among her peers. In last month's Vogue, Pugh wore a Loewe dress with dramatic front and side cutouts. Back in December, she attended the Fashion Awards wearing a red gown from Valentino that showed off major side boob. And earlier that month, she also opted for Valentino, that time in an embellished gold midi dress with a dramatic plunging neckline.

What makes her Vanity Fair dress so unique, however, are the classic silhouette and clean lines, with little embellishment or detail to speak of. With its minimalist tone, it somehow feels alluring and modest at the same time. It's certainly an elegant approach to the naked-dress trend. Ahead, see the full VF cover spread, along with Pugh's inside portrait.