Carey Mulligan Is a Maestro of Elegant Style in Two-Tone Mermaid Gown at the 2024 Oscars

No one pulls off classic Hollywood style quite like Carey Mulligan.

The three-time Academy Award nominee graced the 2024 Oscars red carpet in a stunning black mermaid dress with a scalloped hem over white tulle — a recreation of a classic Balenciaga design from 1951. Completing her ensemble, she accessorized with Fred Leighton old mine cut diamond earrings and elbow-length black gloves. Accompanying Mulligan on the carpet was her husband, musician Marcus Mumford, who looked dapper in an all-black suit. Adding a touch of cool, he also sported a pair of sunglasses.

Mulligan, 38, is nominated for best actress for her role as Felicia Montealegre, the wife of composer Leonard Bernstein — portrayed by Bradley Cooper, who scored his own nomination in the best actor category — in Maestro. Her category is rounded out by Annette Bening (Nyad), Lily Gladstone (Killers of the Flower Moon), Sandra Hüller (Anatomy of a Fall) and Emma Stone (Poor Things).

According to the press release, "A pivotal moment in the film occurs in 1951, when Felicia marries Leonard Bernstein. So, to honor this true story, an iconic gown from Cristóbal Balenciaga’s Winter 1951 Collection was recreated, the year becoming an emblematic charm ... The original is currently in the Kyoto Costume Institute, meaning that the Balenciaga ateliers in Paris designed and recreated the dress for Ms. Mulligan using only sketches, photographs, and a swatch as guides."

Creative director Demna was committed to preserving the vintage feel of the gown, the release states, while making sure the fit and finished result looked modern on Mulligan.

In February, Mulligan told PEOPLE how she celebrated her Oscar nomination — and accidentally frightened her baby daughter in the process. "When my name came up, everyone screamed, and my baby started crying," the mom of three said.

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 celebrity news to compelling human interest stories.

Mulligan and Mumford, who tied the knot in April 2012, share 7-year-old daughter Evelyn Grace, 5-year-old son Wilfred and a baby daughter they welcomed in 2023. While the couple have yet to share their youngest daughter's name, the actress did tell Entertainment Tonight in November 2023 that the little one is settling in nicely with her family.

"Oh, she's great. Great. Good baby, 10 out of 10 so far," Mulligan joked, adding a thumbs up. "We'll see how long that lasts."

Mulligan looks like an old pro on the Oscars red carpet because, well, she is: She was previously nominated in the best actress category for 2020's Promising Young Woman and 2009's An Education.

In February, she told the British newspaper The Times that anyone who says they don't like earning nominations for their performances is lying. It's "just the coolest thing," Mulligan said of receiving accolades for her work.

"Because it’s from your peers," she continued. "It’s wicked. And the thousands (literally) of actors that I’ve met who say that awards don’t matter and that it’s the work that counts? They are 100 percent lying.”

As an award show pro, Mulligan knows how to pick the perfect head-turning gown. She recently attended the SAG Awards in a custom Armani Privé gold strapless gown, also accessorized the design with Fred Leighton jewelry.

The 96th Oscars will air live on ABC from the Dolby Theatre on Sunday, March 10, at 7 p.m. ET.