Earlier today, the Oscar winner explained her decision to wear the pink Prada dress that many reacted negatively on. Read along to find out what the actress had to say about her fashion mishap.

Every year, celebrities and stylists go out of their way to present looks that will deem memorable for the most important event in the entertainment industry. But one actress failed to do so: Les Miserable star, Anne Hathaway.

The actress is known for her long fashion relationship with high end designer Valentino, and has been wearing his dresses since she started walking on red carpet events. But for this year, the actress chose a pink Prada dress that did not do favors for her at all.

The critics are not the only one feeling quite disappointed with Hathaway's choice. Anne, herself, released an apology statement explaining why she ultimately chose to wear the "nipple-showing" Prada number.

"It came to my attention late Saturday night that there would be a dress worn to the Oscars that is remarkably similar to the Valentino I had intended to wear, and so I decided it was best for all involved to change my plans," explained Hathaway, pertaining to Amanda Seyfried's Alexander McQueen dress.

Amanda Seyfried's McQueen dress had similar floral, shimmery embroidery that Anne's original Valentino dress had planned to wear. To avoid harsh comments from fashion critics, she decided on the Prada dress three hours before the red carpet arrivals.

Hathaway also expressed her apologies to Valentino and his team, and says she is "deeply" regretful to any disappointments her dress choice caused.

"Though I love the dress I did wear, it was a difficult last-minute decision as I had so looked forward to wearing Valentino in honour of the deep and meaningful relationship I have enjoyed with the house and with Valentino himself. I deeply regret any disappointment caused," further added the best supporting actress winner.

Also read:

Oscars 2013 Fashion: Anne Hathaway Regrets Choosing Prada over Valentino Dress [PHOTOS]

Anne Hathaway Remains Positive After Nip Slip Oscars 2013 Fashion Controversy [PHOTOS]

Oscars Fashion Fail: Anne Hathaway Chose Nip Slip Dress Because of Amanda Seyfried [PHOTOS]

Academy Awards, Oscars 2013 Worst Dressed: Anne Hathaway Disappoints, Early Nip Slip? [PHOTOS]