Considering how many wardrobe malfunctions we've seen this week, we're kind of surprised Irina Shayk's dress didn't cause another one!

The gorgeous model (and girlfriend of soccer stud Cristiano Ronaldo) was one of the many hot guests at Roberto Cavalli's annual yacht party at Cannes on Wednesday night -- and she was showing some serious skin in a low-cut, black, cutout gown that was asking for a nip-slip.

Irina wasn't the only model at the bash, which was also attended by Erin Heatherton, Barbara Palvin and Alessandra Ambrosio. Other guests included Kylie Minogue, Uma Thurman, Adrien Brody and Sharon Stone -- who looked amazing in a white suit.

Check out all the photos above.

And be sure to check back later today for pics from Cannes' biggest fashion event, amfAR's Cinema Against AIDS gala.