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Blake Lively is rubbing elbows with the fashion elite ... and after taking a look at her in this Chanel sparkler, it's no wonder why. The Town star was one of 300 celebs personally invited to Chanel's private dinner hosted by the one and only Karl Lagerfeld.

The lavish party was not only to celebrate New York Fashion Week, but Chanel's Soho boutique also got a facelift. We'll toast to that!

As for Blake, we wonder if she's Lagerfeld's new muse. Poor Lindsay Lohan, she used to be the designer's go-to girl, but now it appears she's been replaced by Lively's fresh face.

Check out the gallery below to see all of the celebrities who dined with Lagerfeld.