Red Carpet Fashion Awards

Let’s take a break from our Beauty on a Budget theme to pay homage to an event that encourages the complete opposite of saving: the extravagant fashions at this year’s 84th Annual Academy Awards.

The little gold statue might glow but, who really sparkled on the red carpet? FUMI has the scoop on the best and worst dressed:

Say Yes to the Dress

Mad Men hottie January Jones looked stunning in a green and brown Wes Gordon creation paired with retro Hollywood waves and red lipstick. The entire outfit scored big points with us thanks to the intricate silk detailing up top, banded waistline, and gorgeous drape of the skirt.

January Jones at the Vanity Fair Oscar Party

While caped crusaders are best left to Marvel Comic movies, this particular outfit took our breath away:

Gwenyth Paltrow in Tom Ford

Mom-shell Gwenyth Paltrow glowed in a silhouette-skimming, oyster-colored Tom Ford dress with a draping cape that added extra sophistication. A wide, jeweled cuff, sky-high platform stiletto’s, and a sleek, low ponytail were the perfect complements to a simple ensemble that was both unique and chic. According to Gwenyth, this was her “Jackie O moment.”

Fashion Flop

We love gold. There’s no denying it. But, what we didn’t love was former wrestling star Stacy Kiebler’s gold lamé Marchesa dress with a gigantic rosette at the hip. The verdict? Her best accessory of the night was George Clooney.

Stacy Kiebler in Marchesa

Melissa Leo got slammed by fashion critics for her cream Marc Bouwer gown at last year’s Awards show. We actually didn’t mind it too much. It was decently structured, had a sparkly inner lining, and she pulled the look together with low key bling and a loose bun.

This year, however, we weren’t sure where she was going with this black-and-gold sequined Reem Acra gown.

In Reem Accra: 2012 Academy Awards

In Marc Bouwer: 2011 Academy Awards

Best Dressed Couple

Two is always better than one and these divine duos effortlessly lit up the red carpet: Brangelina and TomKat.

An elegantly, mind-boggling thigh high slit versus a simple, yet stunning midnight blue, beaded bodice. Who was your favorite dynamically-dressed duo?

Angelina Jolie in Atelier Versace and Brad Pitt

Katie Holmes in Elie Saab and Tom Cruise

Join us next week for more fashion news, tips, and FUMI tools that will change the way you run your world.

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