America Ferrera, Katie Holmes and Carey Mulligan appear for Chanel

On Wednesday evening, a crowd of actors gathered in Midtown Manhattan, cycling through a swirl of events – awards season, New York Fashion Week and the Super Bowl – wearing Chanel, dressed by Chanel and for Chanel.

Over cocktails, guests mingled for the opening of the brand's first American watch and jewelry boutique on Fifth Avenue near 57th Street, designed by architect Peter Marino with elements from Coco Chanel's Paris apartment.

America Ferrera greeted Natasha Lyonne. Kerry Washington chatted with Elizabeth Olsen. Katie Holmes posed for photos with Michelle Williams. Zazie Beetz met with Rachel Brosnahan. Dianna Agron stuck around. And nearby, Carey Mulligan and Jerrod Carmichael chatted.

The new flagship store for fine jewelry and watches comes at a time when prices for retail space in New York have continued to rise over the past year. The move seemingly positions Chanel in a sector of the fashion industry that other brands, such as Prada and LVMH, are also embracing.

The Fifth Avenue location – sandwiched between Cartier, Tiffany & Company, Bulgari and Harry Winston – was a years-long wait, according to Frédéric Grangié, Chanel's president of watches and fine jewelry.

“It's a big step for the house,” Mr. Grangié said.

Just steps from the boutique, about 200 guests, including Lori Harvey, Francesca Scorsese and actor Molly Gordon, shuffled into a dimly lit event room for dinner. In contrast to the well-lit brilliance of the store, the multi-story location was shrouded in darkness, resembling the closed doors Abercrombie & Fitch there once was.

People reflected on their favorite everyday accessories, like Ms. Lyonne's grandmother's gold chain. “I never saw her as a Tony Montana type. She was just a little Hungarian lady in a Pucci dress,” she said.

Actor Taylour Paige, who loves her tennis bracelet and engagement ring, said you can never have enough rings.

“If someone says you wear too many rings, cut them out of your life,” she said.

For actors Tommy Dorfman and Amandla Stenberg, watches, family heirlooms passed down from generation to generation, evoke a sense of nostalgia and sentimentality in an age of smart devices.

White roses lined long tables where influential guests such as Lauren Santo Domingo, the artistic director of Tiffany's homewares; Larry Gagosian, the gallery magnate; and Sean MacPherson, the hotelier, enjoyed oysters, potatoes with caviar, lobster or wagyu, and a two-tiered dessert tower. After one course, guests were offered vodka shots.

Seth Meyers, the late-night host, made the rounds to greet Ms. Ferrera and Ms. Olsen at one table, Ms. Beetz in another section with Ms. Holmes, and later sat down at his table with Ms. Washington and Ms. Williams.

As it got late, the audience was invited to the basement for a surprise performance, and singer Gracie Abrams took the stage against a backdrop lit like a starry sky.