I like it a lot better now I know it's made of sequins and not some odd leather looking material. I thought it might be sequins after seeing photos of her on the stage at the awards ceremony because it looked quite sparkly then. The only mystery is why she isn't wearing Dior. I do like this dress but after sponsoring the event I don't think the people at Dior will be happy she didn't wear one of their gowns.
Dior Haute Couture sponsored the event for 3 years only. From 2014 to 2016. She wore a custom Dior Couture dress each of these years. Now that the deal is over, she's venturing out. I think she needed to wear another designer to show that the deal is over. She's worn Ralph Lauren to the awards in 2012 and 2013 (one of her best looks ever).
I'm honestly rather glad, Dior's new creative director, Maria Grazia Chiuri's style is way too casual and random for my taste!