The 70 year old turned heads in the dress, which featured an off-the-shoulder top to highlight her impressive cleavage.
Actresses Aishwarya Rai Bachchan and Sonam Kapoor will also make it to the Cannes red carpet later in the week as L'Oreal Paris brand ambassadors.
Click through to see all the beauty highlight's from the 2017 Cannes Film Festival.
Emily Ratajkowski partied with Bella Hadid and Hailey Baldwin on-board a yacht after attending the opening ceremony of the Cannes Film Festival.
The Instagram-famous model and sister of Gigi Hadid suffered a wardrobe malfunction on the red carpet at the Cannes Film Festival.
First, Bella Hadid stepped out in a pink Alexandre Vauthier gown, uplifted by her wavy lob, freshly cut by George Northwood and elegantly tucked behind one ear.
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She wore a pale nude satin gown with a daring thigh-high split and plunging sweetheart neckline. She flashed even more underwear and crotch as she ascended the stairs of the Palais des Festivals.
Apart from Deepika, Mallika Sherawat also graced the red carpet from India.
Hadid shared the red carpet with fellow model Emily Ratajkowski.
Hailey, 20, also posted a photograph of the three women on the yacht in the south of France, where the 70th edition of the Cannes Film Festival is now being staged.
Mallika Sherawat walked the red carpet for 'Free A Girl, ' an worldwide organisation dedicated to raising awareness regarding sexual exploitation against children and human trafficking.