Preheat the oven to 350°F. Grease the cake pans with cooking spray and set them aside.
In a large mixing bowl, mix together the champagne and cake mix. Then, using an electric mixer, beat in the vegetable oil, egg whites, and food coloring. Beat the mixture on medium speed for two minutes to fully mix the batter.
Pour the cake batter into the greased cake pans. Bake for 29-34 minutes, until a toothpick inserted into the middle comes out clean. Allow the cakes to cool in the pan for 10 minutes before inverting them onto a wire rack.
In a large bowl, use an electric mixer to beat together the champagne, powdered sugar, butter, vanilla, and food coloring. Beat the frosting until it has a smooth and creamy consistency.
Spread a layer of frosting between the cake layers. Then, cover the sides and top of the cakes with the remaining frosting. Decorate with sprinkles and edible pearls.