Looking out across the cheering crowds at Cheltenham, the deep male voices reverberate across the stands, but they are interspersed with many female voices, too.

In fact, at least a third of the 46,317-strong crowd (up almost 5,000 on last year’s Style Wednesday) here on Wednesday are women, including the Queen, and that is largely because the Jockey Club has just revived Ladies Day after it was scrapped in 2019.

And judging by the fabulous displays of dresses, from canary yellow to royal blue, and extravagant hats which would not look out of place at Aintree – home of the Grand National – the revival has been very well received.

Many of the women here, in fitted waistcoats, floor-length jackets and elegant headpieces, look as though they have just stepped off a Downton Abbey set whereas the gents with their flat caps look rather more like extras from Peaky Blinders.

The crowd includes Carole Middleton (mother of the Princess of Wales), Made in Chelsea star Georgia Toffolo and, of course, the Queen in a striking Philip Treacy hat.

Viv Jenner, founder of The Ascot Milliner, says she thinks the Cheltenham Festival signifies the start of the season and is the perfect excuse to dress up. “I often get orders for hats for Cheltenham around six months in advance and it’s catching up with Aintree and Ascot in terms of style,” she says.

Whereas Ascot and Aintree focus on bespoke dresses and unique styles, here the aesthetic is largely dominated by one local designer, Jade Holland Cooper.

The designer, who is dressed immaculately in head-to-toe tweed (what else?), has tapped into the Cotswold fashion market and at least two-thirds of the women here are cultivating her traditional look, think neutrals and tailored jackets, including former jockey Rachael Blackmore.

In an effort to become more female-friendly, the Jockey Club appointed Blackmore in a new ambassadorial role in November, as head of Ladies Day. The decision to reintroduce it followed a lull in last year’s ticket sales, which fell to a 30-year low.

A study by the Jockey Club in 2023 found that women feel racing is “not for them” and that only a quarter of visitors during the racing season are women. So why did they decide to try to become more female-friendly? And, more importantly, has it worked?

Blackmore, a real-life National Velvet champion who won the Grand National in 2021 and the Cheltenham Gold Cup in 2022, retired from racing in May last year aged 36. She has been working with Cheltenham to identify possible barriers which prevent women from going racing.

Alongside Blackmore’s appointment, Cheltenham has reintroduced the popular Style Awards, where more than £10,000 worth of prizes are up for grabs.

The day begins with live music and sparkling tips hosted by model and TV presenter Rosie Tapner. The Centaur, a central area at the heart of the racecourse, has been transformed into a pink paradise with blossom trees and pink carpet alongside cocktail vending machines, a pop-up hair salon and a live panel with Blackmore, England rugby players Natasha Hunt and Zoe Aldcroft, and former National Hunt jockey and ITV presenter Alice Plunkett.

As the women debate the trials and tribulations of sport (“lots of women just don’t think racing is really aimed at them,” says Blackmore) onlookers queue up for champagne and Guinness.

The women I chat with, a group of milliners from Berkshire, Hampshire and Essex, have one minor gripe – you can’t buy champagne or even prosecco by the glass and the cheapest bottle (the house champagne) is £85. They like the fact it comes with a handy little plastic handbag filled with ice though. In fact, Jenner says she used one to cool her aching feet after a day of wearing heels at Ascot last year.

In the Village Champagne Bar, next to the shopping village, which has everything from hats and feather to tweed with a twist, you can get little bottles of Moët for £32. And it is not just the ladies dressing up elaborately. Several of the chaps are sporting some very striking red trousers, too.

The other minor gripe is that, unlike at Aintree, the betting stands and racecards are largely male-dominated and they do not offer a “lucky dip” option, which Jenner and her crew think would be more female-friendly.

A group of ladies from popular racing fashion retailer Fairfax & Favour tell me they have been planning their outfits for months. They are excited about the style awards and feel that Cheltenham is up there with Aintree and Ascot.

I also chat with three other ladies – Martina, Milena and Anna from Gloucester, originally from Poland – who tell me they are slightly put off by how expensive the drinks are here, but that they love the sense of occasion and see it as a great excuse to catch up with friends.

The women are not just in the crowds either, they are also racing on the course. As the day ends with the 5.20 race, a number of female jockeys, including Jody Townend, have set their sights on winning. She eventually finishes seventh on 40-1 shot The Wager.

It is clear that when it comes to racing, progress has been made. But just because some women prefer to wear jodhpurs it does not mean others cannot wear fancy hats. And the beauty of Cheltenham is that they can wear both.