Eva Longoria wore a $40 dress for her first Cannes in 2005: "No one will ever know!"

The actress, who visited in her 17th year, said she had no idea what people meant when they asked "who" she was wearing: "I was like, it's mine!" ...Eva Longoria knows you can look like a million dollars and spend less than $100 — even on one of the most giant red carpets in the world.

With the Cannes Film Festival in full swing this year, the 47-year-old actress revealed to PEOPLE that the sheer gold knit dress she wore to her first festival in 2005 cost only $40. "I thought I'd wear a gold knit that felt right," Longoria recalled deciding on the dress 17 years ago. "No one will know it's a $40 dress."

The actress, the longtime spokesperson for L'Oréal Paris International, even recalled her confusion during the event when the then president of L'Oréal asked "who" she was wearing (meaning what designer label she was wearing).

"What do you mean? It's mine," Longoria joked. "Everyone loved the dress, and I thought it was just Melroses!" Longoria says her glamorous moment proved it was all about confidence and style, not the price. Of the dress.

"It's not the dress; it's the woman in the dress," the actress said.

For this year's opening ceremony on May 17, Longoria opted for a dramatic black dress by Alberta Ferretti with intricate abstract beaded bodice details. Although the Desperate Housewives star revealed her choice of clothing was "accidental" because it also took her first dress. Long turns, as soon as he saw the sheer chaos, he knew it would be a hit.

"I mean, it's pretty spectacular," said Longoria. So I said to myself, yes, let's do this.