The duo stepped out on the red carpet in incredible gowns on Sunday afternoon (February 26) held at the Dolby Theatre in Hollywood.
Olivia designed a custom dress with Marchesa in order to help fund clean drinking water for people around the world.
The dress is made of Stella Artois chalice pieces and for each chalice sold, five years of clean drinking water is provided for someone in the developing world.
Karlie also supported an important cause, wearing a blue ribbon to show her support for the ACLU.
FYI: Olivia is wearing a Marchesa gown and Neil Lane jewelry. Karlie is wearing Stella McCartney with Nirav Modi jewelry.