Olsens Claim Top Prize at 2012 CFDA Awards

In addition to giving itself the yearly pat on the back, the fashion industry turned out in droves last night for the 2012 CFDA Fashion Awards to celebrate the 50th anniversary of the Council of Fashion Designers of America.

After looking back at the past of fashion, the CFDA then honored its future, awarding Mary-Kate and Ashley Olsen -- pictured here with long-lost twin Lauren Hutton -- with their very first big girl award for Womenswear Designer of the Year for The Row. They beat out perennial nominee Marc Jacobs and last year's winning duo, Proenza Schouler's Lazaro Hernandez and Jack McCollough.

Billy Reid received the Trova for Menswear Designer of the Year, while Reed Krakoff took home Accessory Designer of the Year. The Swarovski Awards for emerging talent went to Joseph Altuzarra in Womenswear, Phillip Lim in Menswear and Tabitha Simmons in Accessory Design.

Tommy Hilfiger was on hand to accept his Geoffrey Beene Lifetime Achievement, unlike International Award winner Rei Kawakubo and Fashion Icon Johnny Depp, whose awards were -- as expected -- picked up by John Waters. Both winners are my idols, Waters rasped.

As for the other honorees, Andrew Rosen received the Eleanor Lambert Founders Award while blogging duo Garance Doré and Scott Schuman were awarded the Eugenia Sheppard Media Award, over which Schuman surprisingly did not throw a tantrum later that night.

You can see  all the glamour and glitz for yourself when the 2012 CFDA Awards are broadcast for the first time on Style.com starting today at 5 pm/ EST. [WWD]

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