Lagerfeld likely will join Lauren in dressing the incoming First Lady.
Under ceo Fabian Garcia, Revlon plans to grow into a $5 billion company in five years.
The benefit celebrates the “Punk: Chaos to Couture” exhibition, which runs at the Metropolitain Museum of Art from May 9 to August 14.
Gwyneth Paltrow, who showed off her assets in a mini Victoria Beckham dress Thursday evening, is a business partner in the venture.
The Thursday night event featured Penn Badgley in New York, Jessica Stroup in San Francisco, Victoria Justice in Los Angeles and Jessica Lowndes in Miami.
While much of the discussion concentrated on business topics, Kelly Osbourne, Drew Barrymore and Betsey Johnson provided some girl power moments.
The retailer’s ceo has taken a blow to the ribs from one of his strongest supporters.
The winner, who will receive $100,000 toward their next collection, will be named at an awards ceremony in New York on July 9.