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Battle of the lifestyle gurus! Muses Gwyneth Paltrow and Blake Lively wear plunging red outfits as they pose with fashion designers

Published: 19:19 EST, 23 September 2015 | Updated: 21:13 EST, 23 September 2015

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When Blake Lively launched her digital magazine Preserve last year, she was promptly compared to Goop founder Gwyneth Paltrow.

And the two actresses turned lifestyle gurus show even more similarities in the latest issue of The Hollywood Reporter.

Blondes Gwyneth and Blake both slipped into plunging red outfits to pose for a photo shoot with the fashion designers who consider them their muses.

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Lady in red: Gywneth Paltrow graces one of the covers of The Hollywood Reporter's new issue, alongside Valentino's creative directors Maria Grazia Chiuri and Pierpaolo Piccioli

The stars each got their own covers of the magazine’s new issue, with 42-year-old Gwyneth posing alongside Valentino’s creative directors Maria Grazia Chiuri and Pierpaolo Piccioli.

Standing in a garden, she wore a very baggy floor-length scarlet silk gown, leaving just her chest and slender arms on show.

Gwyneth’s platinum blonde hair was left down and slicked back, and she sported a little eyeshadow and nude lips.

His muse: Meanwhile her fellow actress turned lifestyle guru Blake Lively appears in the magazine with Michael Kors

Turning heads: The 28-year-old makes for an arresting sight in a plunging embellished crimson jumpsuit

Meanwhile Blake was joined by Michael Kors himself, and wore an embellished crimson jumpsuit which plunged all the way to her belly button, along with a crocodile skin sash and matching heels.

The 28-year-old posed on a New York City rooftop in the sexy outfit, with her dark blonde hair in old Hollywood style curls and smoky eye make-up finishing off her bombshell look.

On set of their sizzling shoot, Michael gushed about Blake.

Garden party: Gwyneth poses on a lawn while clad in a low-cut floor-length red gown

Grace and glide at your next gala like Gwyneth in Valentino

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Gwyneth Paltrow is always the epitome of style and grace with her stick straight blond hair and body. Today she was gracing the cover of The Hollywood Reporter as the muse to Valentino, in the design duo's a red plunge neck gown. We're obsessed with the eye catching tomato red hue and loose fitting silhouette of the maxi dress from the Fall 2015 collection. She's definitely one of Val's gals.

Keeping with the luxury label's signature bohemian look, the latest range seemed to be inspired by Greek gladiators, with toga-like one-shoulder frocks, lace-up sandals and ornate embellishments.

Luckily for us, it's available at Net-a-Porter but sadly it's close to $10k! Perhaps just take away some inspiration of the v-neck and flowing fabric. Now check out some strikingly similar styles from around the Web that we found.

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No rivalry here: Blake says she has no issue with being compared to the Goop founder. They are pictured here in May 2011

‘She’s truly fearless,’ the designer said, as the Gossip Girl star modestly pulled a shocked face. ‘Even in the most glamorous dress, Blake still looks at ease — which I think is the trick to looking great.’

And Blake had just as many good things to say about Michael and his clothing.

‘There is an effortlessness to the elegance which is fabulous and it all seems attainable,’ she said.

‘It’s very warm and inviting like him, so you just feel like the women in his [clothes] look like the best dressed women in the room, but yet it’s not like you could never be this person.’

Dance with me: Also appearing in the star-studded shoot is Katie Holmes, who tangos with Zac Posen

Nights in blue satin: Katie models a couple of her red carpet favourites by the fashion designer

Cool customer: Nicole Kidman shows her quirky style alongside Balenciaga's Alexander Wang

Also starring in the shoot were Nicole Kidman and Balenciaga’s Alexander Wang, Katie Holmes and Zac Posen, and Ruth Wilson and Oscar de la Renta’s Peter Copping.

Blake has said in the past that she has no problem being compared to Gwyneth.

She said: 'I'm always the first person to defend Gwyneth Paltrow. Or any woman in a position of power, like Martha Stewart or Oprah, who gets burned because they have paved the path for so many other women who are doing something they believe in.'