This is one of my all time favourite looks of Olivia. This wonderful lace ruffle style dress is from the Valentino spring ready-to-wear collection 2010. The collection was created by Maria Grazia Chiuri and Pier Paolo Piccioli and is full of nude, rose, lavender, grey and gold tones as well as ruffles and lace. "We wanted to tell a new fairly tale", said Piccioli backstage.
Assuming the shoes are YSL tributes. Olivia has been spotted in other dresses from the same collection.