Posing in a white chiffon dress and with her hair coiffed into a chic updo, Lily is reminiscent of beauty icon Audrey Hepburn in the black and white shot.
The news of her signing comes just one day after she was spotted attending the Givenchy show during Paris Fashion Week.
The star, who is the daughter of music legend Phil Collins, was sporting the brand's highly-coveted Bambi jumper and took a front row seat alongside singer Ciara, Kanye West and Kim Kardashian.
Talking about her collaboration with Lancôme, Lily said, "It's an absolute honour and privilege to have been chosen to represent the Maison Lancôme. I have always admired the brand's unique and distinctive appreciation for inner beauty and grace, elegance and utter radiance. I feel incredibly lucky to be included among the most inspirational women ambassad resses for one of the most prestigious brands in the world. It's truly a dream come true."
“With her charm, gracefulness, modernity and lively wit, Lily Collins is the perfect embodiment of femininity according to Lancôme. We are delighted to begin this collaboration with Lily, who brings a renewed sense of radiance and youthfulness to Lancôme , ” stated Françoise Lehmann, General Manager of Lancôme International.