Gather all your ingredients. Ensure your eggs are at room temperature, and soften your butter ahead of time.

Preheat your oven to 350F (175C). Grease and flour three 8-inch round cake pans and line the bottoms with parchment paper.

In a large mixing bowl, beat the softened butter until creamy. Gradually add granulated sugar, neutral oil, and vanilla extract, mixing until smooth.

In a separate bowl, whisk together flour, baking powder, and salt. Alternate adding the flour mixture and buttermilk to the butter mixture, stirring gently until just combined.

Add pink champagne, alternating with the flour mixture until well combined. Stir in food coloring if desired.

Whip the egg whites in a clean bowl until stiff peaks form and gently fold them into the cake batter.

Divide the batter evenly among the prepared pans and bake for 25-28 minutes, or until a toothpick inserted into the center comes out clean. Let the cakes cool in the pans for 10-15 minutes before transferring to a wire rack to cool completely.

In a mixing bowl, beat the softened salted butter until creamy. Gradually add powdered sugar and pink champagne, mixing until smooth and fluffy. Add vanilla extract and mix until combined.

Once the cakes are completely cool, frost them with the pink champagne frosting.