Elle Fanning, who has been dominating the red carpet as of late, had another fashion hit at the Power of Young Hollywood bash Tuesday evening.

Elle Fanning’s Latest Look

At Variety‘s Power of Young Hollywood fete, Fanning posed on the red – in this case white – carpet in an ethereal Marc Jacobs number. It featured a caged bodice over a statement bra and a tulle skirt. The dress also featured colorful designs, pins and bows.

Fanning’s dress was meant to pay homage to pop icon Madonna, according to Fanning. “It’s her birthday today. That was the inspiration,” Fanning told InStyle. “I love it.”

Fanning, the younger sister of actress Dakota Fanning, also dished on what it felt like to be the covergirl for Variety‘s Power of Young Hollywood issue. “It’s really exciting,” Fanning said. “And since I just turned 18, I graduated. It’s a special time.”

This year, Fanning appeared in the thriller The Neon Demon. Her upcoming projects include 20th Century Women, How to Talk to Girls at Parties and Ben Affleck‘s Live by Night.