It has taken just five years for Mary-Kate and Ashley Olsen’s label The Row to stamp its mark on the contemporary luxury market. The former child stars won the most coveted award – “Womenswear Designer of the Year” – at the CFDA Fashion Awards on Monday night with their globally-distributed label, particularly known for its accessories. The menswear award was presented to Billy Reid, a favourite of the American menswear fashion press.

Mary-Kate and Ashley Olsen

Frenchman Joseph Altuzarra, whose brand is growing slowly but surely in his home country, took the Swarovski womenswear prize home with him to his New York studio. Swarovski awarded its menswear prize to Phillip Lim, whose second Paris runway outing with his label 3.1 Phillip Lim will take place on 28th June at the Palais de Tokyo. Blogger and illustrator Garance Doré was awarded the Media Award with her boyfriend Scott Schuman (The Sartorialist). It’s the first time that fashion bloggers have been recognised in this way at the event.

Diane Von Furstenberg, president of the CFDA and actor Seth Myers / Photo: CFDA

With a stronger media following than ever thanks to the CFDA’s 50th anniversary, the 2012 edition of the CFDA Fashion Awards was hosted by funny-man Seth Myers of cult TV programme Saturday Night Live who spared no one from his jokes – not even John Galliano, persona non grata since his fall from grace, or Marc Jacobs whose “best outfit of the year” was the butt of a joke by the comedian. Two faces were missing though, even if it was to be expected – Rei Kawakubo and Johnny Depp, who were awarded with honorary prizes, accepted on their behalf by director John Waters.

The Olsen sisters discuss The Row for Net-à-Porter