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Virginia Gay and Melanie Vallejo. Picture: Getty Images

Stars of Winners and Losers Virginia Gay and Melanie Vallejo looked lovely in leather on Cup Day as they ducked onto the Emirates balcony during a moment of clear skies.

Vallejo wore a gunmetal grey frock by Australian duo Camilla and Marc in a soft leather and paired it with a Jill and Jack headpiece.

"I'm head to toe leather, that's apparently how I roll these days," she told AAP from the Birdcage VIP enclosure at Flemington on Tuesday.

"I think I look a little bit like a peacock, a beautiful peacock."

Her white and neon headpiece was made from laser-cut leather leaves.

Standing on the Emirates balcony under a grey sky, Vallejo said the fact it was rainy day wasn't all bad.

"It's terrible that it's raining but I'm kind of glad because otherwise I'd be really hot."

Channel Seven stylist Rachel Dennis dressed the pair.

Gay shone in a pink and red combination.

The dress was by Coast and the hat was a Jill and Jack pillbox embellished with a soft leather camellia.

"Last year for Cup Day I wore black and white and you absolutely can't do that," she told AAP.

She said she relished the opportunity to get dressed up for the Cup.

"I wish we could wear hats more often," Gay gushed.

"Full day hat wearing."