The pair were among the first celebrity arrivals to the event on Monday, one of the biggest nights in the fashion calendar.
Marking the unveiling of the Metropolitan Museum’s exhibition Karl Lagerfeld: A Line of Beauty in New York, the event brings together A-listers across fashion, film and music.
The dress code for this year’s event is “in honour of Karl” – in tribute to the late fashion designer, who died at the age of 85 in February 2019.
It is only Lipa’s second time attending the Met Gala, and she acknowledged her “big responsibility” of honouring Lagerfeld’s legacy.
“It’s a big responsibility and a big honour and I feel very lucky that Anna asked me to do this to honour Karl’s night, and his legacy,” the pop megastar told Vogue, speaking on the event’s carpet.
“I mean, we’ve got some work to do inside but it’s going to be such an exciting, amazing experience and I’m really, really looking forward to it.”
Lipa’s white dress – in Chanel’s signature tweed fabric – had a corset bodice, black trim and fringing at the hem.
German supermodel Claudia Schiffer originally wore the design in the early 90s.
Lipa, 27, accessorised the look with a statement Tiffany diamond necklace she said had never been seen before in public.
She said that wearing the archival Chanel item was “a dream come true”.
Wearing a surrealist design by Schiaparelli, Coel’s brown dress was heavily embellished with plenty of nods to Lagerfeld hidden among the design – which featured 130,000 crystals.
“I’m just a tourist in this industry – I’m here to serve,” she told Vogue.
Coel explained that she had been approached by Dame Anna to take on the role, who had said she liked that she was “unafraid to be yourself”.
“She felt like (Lagerfeld) would like that about me and suddenly I just felt very much at ease about being here,” she said.
“I’m just out here being myself and I appreciate Anna for appreciating that and giving me such lovely opportunities”.
The pair are co-chairing the Met Gala 2023 alongside Oscar-winning actress Penelope Cruz, tennis star Roger Federer and Dame Anna herself.
The Vogue editor-in-chief said she had “a very emotional night” ahead and paid tribute to her friend Lagerfeld.
“It’s a very emotional night for me. I loved Karl so much and it’s just wonderful to see so many people who are turning out to honour him, and give him the recognition that he so deserves,” she said.
“Karl was just so creative, so visionary… (he) invented so many things and at the same time I think was intrinsically the chicest designer that you can ever imagine.”
Dame Anna wore an embellished coat dress over a white column skirt, and arrived at the event with veteran actor Bill Nighy.
Her coat seemed to have small cat motifs embroidered on – in a possible nod to Lagerfeld’s beloved cat, Choupette.
Singer Rita Ora and her filmmaker husband Taika Waititi were also among some of the early arrivals to Monday’s event.
Ora wore a dramatic black dress with sheer panels, floral detailing and a long train, and Waititi donned a floor-length grey jacket, white trousers and a black flower on his lapel – reflecting his wife’s outfit.
Big Little Lies actor Nicole Kidman wore a pale pink gown with delicate feathers on the voluminous skirt.
It is the same outfit she wore in the 2004 advertisement for the fragrance Chanel No5, directed by Baz Luhrmann.
To complement the dramatic dress, Kidman kept her hair loose and her make-up simple.
Wearing a pale peach gown by Tory Burch, model Emily Ratajkowski’s look was ethereal – with layers of tulle and delicate linework over the dress. She had a black bow in her hair, in an apparent nod to Lagerfeld’s love of ribbons.
Other stars in attendance at the Met Gala included Gwendoline Christie, Sydney Sweeney and Julia Garner.
