Emily Ratajkowski, Ariana Grande, Salma Hayak and Penelope Cruz stun on the red carpet for A-list party in New York

EMILY Ratajkowski, Ariana Grande and Salma Hayak stunned on the red carpet at the WSJ. Magazine Innovators Awards in New York on Tuesday evening.

A selection of famous faces gathered at the Museum of Modern Art to attend the glitzy A-list event last night.

The annual ceremony - launched in 2011 - celebrates those in fashion, art and entertainment.

Model Emily, 33, wowed in a cream mini dress which had a text from Clive Bell printed on it.

The star opted for a smokey eye, peach blush and a nude lip.

She completed the look with a pair of open toe black heels.

Meanwhile pop star Ariana, 31, looked stunning in a white Vivienne Westwood gown with a corset style top and puffy bottom.

The thank u, next singer matched her make-up to the dress, with white eye shadow, her classic winged eyeliner and a nude lipstick.

Ariana showed off her beauty by scraping her hair off of her face in a slick back bun.

She accessorised with a huge diamond necklace around her neck and white pointed shoes.

Penelope, 50, emphasised her stunning curves in a silver sparkly maxi dress with plunging neckline.

The gown also had a statement piece leg slit to show off her pins.

The Spanish actress styled her brunette locks into loose waves and chose a dramatic smokey eye look.

She accessorised with a matching clutch and silver open toe heels.

Penelope held hands on the red carpet with Salma, 58, who showed off her amazing figure in a bandeau red maxi dress.

The film producer kept it very simple with no accessories, and very natural make-up.

Other celebrities at the party included  Cynthia Erivo, Charlie xcx,  Jon M. Chu, Reese Witherspoon  and many, many more.