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. Meanwhile, we’re thrilled to report that Reed Krakoff won for accessory designer of the year (notably for his own dynamite brand, which he masterminds in addition to creative director duties at Coach), while Billy Reid triumphed over fellow menswear nominees Patrik Ervell and Simon Spurr. And remember when we suggested that the CFDA tap John Waters to present the International Award to Rei Kawakubo of Comme des Garçons? Well, they did. The director, writer, and occasional hitchhiker also announced the Fashion Icon award. Recipient Johnny Depp accepted remotely, via an e-mail to CFDA CEO Steven Kolb sent from the set of Depp’s latest film, The Lone Ranger. The best part of all of this, of course, is the opportunity to watch all of the fashionable fun online today at noon Eastern, when Style.com presents the first ever CFDA Awards webcast. Hosted by Tim Blanks, the show will take viewers from red carpet highlights and interviews through the final bow of the night.

2012 CFDA Fashion Awards
Womenswear Designer of the Year: Mary Kate and Ashley Olsen for The Row

Menswear Designer of the Year: Billy Reid

Accessory Designer of the Year: Reed Krakoff

Swarovski Award for Womenswear: Joseph Altuzarra

Swarovski Award for Menswear: Phillip Lim

Swarovski Award for Accessory Design: Tabitha Simmons

Geoffrey Beene Lifetime Achievement Award: Tommy Hilfiger

Founder’s Award: Andrew Rosen

Media Award: Scott Schuman and Garance Doré

International Award: Rei Kawakubo of Comme des Garçons

Fashion Icon Award: Johnny Depp