Penélope Cruz and Javier Bardem Are a Match Made in Style Heaven at the 2022 Oscars

Penélope Cruz and Javier Bardem are both nominated for Academy Awards at Sunday's ceremony

Oscar couples
Photo: Mike Coppola/Getty

Penélope Cruz and Javier Bardem proved they are a Hollywood power couple on the red carpet at the 94th Academy Awards.

Cruz stepped out in a custom long taffeta Chanel dress with an open back while Bardem selected a black monochromatic tux from Zegna for their big night out.

The actress' dress featured a checkered graphic embroidery with a "metallic tweed" effect on the neckline and bow.

The gown was inspired by Chanel's Haute Couture Fall-Winter 2020/21 collection, according to a press release from the brand. She completed the look with a Chanel bag, shoes and white gold and diamond rings and earrings.

The dress required 680 hours of work and 8000 embroidered elements, according to Chanel.

94th Annual Academy Awards - Arrivals
Jeff Kravitz/FilmMagic

Bardem is nominated for his part in Being the Ricardos at the Oscars while Cruz is up for Best Actress for performance in Parallel Mothers.

"It makes it very special," Bardem said during PEOPLE & Entertainment Weekly's red carpet special at this year's Screen Actors Guild Awards. "I mean, the fact that we are both nominated ... in the same year, it's something that is really unique."

If Bardem and Cruz both win trophies tonight, they will make history as the first couple to win Oscars on the same night.

Earlier this month, Cruz arrived at the Santa Barbara Film Festival to be honored with the Montecito Award in a printed chiffon Channel pre-fall 2022 dress with a cape.

The Spanish actress also looked stunning in a tulle and sequined black mini dress at the Parallel Mothers premiere at the 59th New York Film Festival last year.

Watch PEOPLE & Entertainment Weekly Red Carpet Live: Hollywood's Biggest Night on,, PEOPLE and EW's YouTube, Facebook and Twitter pages, as well as PeopleTV, beginning at 5:30 p.m. ET / 2:30 p.m. PT on Sunday, March 27, 2022.

At the 2020 Oscars, Cruz brought Hollywood glamour to the red carpet in a in a custom-made Chanel gown made of black silk. The bustier bodice was held up with a halter top that ended in a bow and a white flower and was completed with a string of pearls wrapped around her waist.

The design was inspired by their Spring-Summer 1995 Haute Couture collection, according to a Channel press release.

The 355 star kept her beauty look simple, with her hair left straight in a middle part and natural makeup.

Cruz and Bardem walked the Oscars red carpet together in 2011. She wore a sparkling full-length red dress by L'Wren Scott for the occasion.

The 2022 Oscars are airing Sunday from Hollywood's Dolby Theatre on ABC.

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