Naturally that means red capret appearances aplenty, and we'll be keeping our eyes peeled over the coming days to see who's been wearing what. Already perennial ELLE favourite Kate Bosworth has wowed in a black Chloe dress. And we love Florence Welch's beautiful Elie Saab couture gown.
The fashion crowd's focus will be firmly fixed too on Elizabeth Olsen. The latest member of the famous family to hit our radar (and the Elizabeth who leant her name to Mary-Kate and Ashley's label, Elizabeth and James), she's at the festival to promote her new movie, Silent House. We can't wait to see what she works on the red carpet.