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The actress, who quietly wed Francois-Henri Pinault at City Hall in Paris on Valentine's Day, is debunking reports that she's planning a lavish follow-up ceremony and reception at the end of April.
"I think a wedding is about love, friends, family and fun," Hayek, 42, tells PEOPLE exclusively. "I think spending millions of dollars on a wedding is ridiculous and it has never been my dream. I would never do that."
The actress-producer and Pinault, 46, the CEO of luxury-goods company PPR welcomed daughter Valentina Paloma in September 2007.
• Reporting by JULIE JORDAN
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