Trend Alert! Peplums spotted on both Michelle Williams and Tina Fey at the Oscars

From the Spring and Fall ‘12 runways to the red carpet at the Academy Awards, it seems pretty clear: the peplum is in the building! Spotted tonight on both Tina Fey, in a regal looking custom-made Carolina Herrera gown, and Michelle Williams, in a tiered coral Louis Vuitton, this trend is certainly having a moment. While adding a bit of extra volume at the waist might seem a little tricky, both actresses are showcasing the look on two very different body types. So, what do you think? Will you be trying the peplum this year?

See the peplum in action on the runway »