The Iron Man star turned heads as she hit the red carpet at Los Angeles' Getty Center on Monday (26Oct15) in a long black gown for the magazine's first ever awards bash, and she was presented with the Style Icon trophy by her pal Kate Hudson.

"From the first moment I laid eyes on this woman it was love at first sight," Kate gushed as she handed Gwyneth the honour. Gwyneth then shared the sentiment, adding, "I don't have a little sister by birth, but if I had one, she's the incarnation of my beautiful, carefree, spirited little sister who brings music and spontaneity, and an incredible unselfconsciousness and all of this fire into my life."

Both stars posted pictures of the night on their social media pages, and Kate shared a sweet snap of the pair posing together, adding in a caption, "Excited to present an award to @gwynethpaltrow #instyleawards #lovemygirlfriends #styleicon (sic)."

Reality TV star Kim Kardashian, who showed off her blossoming baby bump in a tight, white gown with a long cape, was on hand to present the Makeup Artist of the Year prize to Charlotte Tilbury, telling the audience, "She believes that make-up makes you feel empowered and confident and I love that about her. Truly, if I wasn't doing what I'm doing now I would be a make-up artist so I respect the work that is really put into it. I'm so excited for her and I'm honoured that I'm presenting this award to Charlotte Tilbury for Makeup Artist of the Year."

Actress Zoe Kravitz was honoured for her style sense as she took home the Best Dressed Breakthrough prize, and Ansel Elgort was named Man of Style.

Other stars who turned out for the glitzy bash included pop singer Selena Gomez, actresses Michelle Williams, Dakota Johnson and Diane Kruger, and models Alessandra Ambrosio and Miranda Kerr.