Margaret Qualley's Backless Chanel 2025 Oscars Dress Secretly Nods to 'The Substance'

Margaret Qualley’s red carpet fashion is known for being sweet, sentimental, and covered in bows—what the kids are calling coquette. However, on the 2025 Oscars red carpet, Qualley is embarking on a new fashion chapter—one that's more grown up, colored in black, and seemingly without bows.

Dressed by stylist Patricia Villirillo, the The Substance actress arrived on the 2025 Oscars red carpet on March 2 in a custom black silk velvet floor-length gown by Chanel. Qualley’s look for the 97th Academy Awards featured a boat neck silhouette that was slightly puffed and gathered around the shoulders. The Substance star—who is surprisingly not nominated for her portrayal of Sue in Coralie Fargeat’s body-horror film but is presenting an award category at the 2025 Oscars—looked regal and far more grown up than her previous girlhood aesthetic-esque looks.

Also of note was that Qualley's Chanel 2025 Oscars red carpet dress featured a sweeping, plunging back that hit right at the base of her spine. She accentuated the sultry detail with an 18K Chanel crystal fringe necklace worn backward, with the pendant dangling in between Qualley's shoulder blades. The emphasis on Qualley's spine is likely an on-the-nose (er, spine) homage to The Substance, which pays special close attention to the body part.

With stunning diamond studs, an 18k diamond bracelet, and two 18k white gold and diamond rings to complete her ensemble, all by Chanel High Jewelry, Qualley looked like an Old Hollywood vision. Beauty-wise, she chose an intricate curled updo and a muted gray smokey eye. A mauve, glossy lip was the perfect final touch.

Qualley is a long-time Chanel ambassador and even closed out the Spring 2024 show as the French fashion brand's signature bride, dressed in a sheer skirt, tweed lady jacket, white tights, and a frilled harlequin-esque collar.

Her commitment to Chanel recently earned her a spot on the best-dressed list at the 2025 Golden Globes, where she was nominated but ultimately didn’t win in the Best Performance by a Female Actor in a Supporting Role in Any Motion Picture category. For the early January awards ceremony, Qualley wore a stark white column gown featuring a tiered tulle ruffle overlay that cascaded toward the floor and a bedazzled black ribbon tied in a bow around the waist. Styled by Villirillo, Qualley's confectionary red carpet look was yet another rebuttal against the anti-bow agenda.

Despite not being nominated for her work playing Demi Moore's counterpart in The Substance—which horror heads emphatically call a capital-S snub—the 2025 Oscars are a big night for Qualley. This is only her second-ever time at the Academy Awards.

Her previous attendance at Hollywood's biggest night was five years ago, when she graced the Oscars red carpet in—you guessed it—Chanel couture. Her ink black 2020 gown by the French fashion house featured a halter neckline, a front-and-center ruffle down the chest, and a black and white mermaid-style trumpet hem. She kept her accessories simple the first time around, with square-shaped diamond button earrings and an equally sparkly ring.

Tonight, the actress won't be taking home any trophies. But on the fashion front, Qualley's Chanel dress is a triumph for the coquette cause that's certainly worth celebrating.