The models and close friends attended the 2016 Fashion Awards -- formerly the British Fashion Awards -- at Royal Albert Hall in London.
Hadid dazzled as she posed for photos in a silver pantsuit with a voluminous attached train and a choker neck. Kloss, meanwhile, wore a shimmering black gown with deep side cutouts and a mirrored belt.
Lady Gaga, Jared Leto, Jaden Smith, Kate Moss, Naomi Campbell and Salma Hayek were among the other stars at the event. Hadid won Best International Model, while Jaden Smith and his sister, Willow Smith, walked away with New Fashion Icons.
"It's an exciting night for the entire fashion industry because it really celebrates so many different creators within fashion," Kloss told Hello! prior to the awards. "There are awards that focus on supporting emerging talent so it's some of the biggest names in fashion and then also some of the next generation."
"[I'm most looking forward to seeing] a lot of my friends!" she added. "I feel like London is very central, so with fashion spanning all four corners of the Earth it's rare that we're all in the same room."
Hadid and her sister, Bella Hadid, also stunned at the 2016 Victoria's Secret Fashion Show, which took place Nov. 30 and aired Monday on CBS. The siblings were joined on the runway by such models as Kendall Kenner and Jasmine Tookes.