Olsen Twins, Reed Krakoff Triumph at CFDA Awards; Watch the Webcast Today

Spoiler alert! Mary Kate and Ashley Olsen, creators of six-year-old luxe label The Row, bested longstanding industry darlings Jack McCollough and Lazaro Hernandez of Proenza Schouler and Marc Jacobs to take home the title of womenswear designer of the year at last night’s Council of Fashion Designers of America Awards, held at Lincoln Center and emceed by Seth Meyers. Midway through the show, the Saturday Night Live star ditched his formalwear in favor of Jacobs’ memorable Met gala ensemble of a sheer lace dress and boxers.