2012 CFDA Awards

Though we entertained ourselves by watching the Miss USA pageant and the MTV Movie Awards last weekend, we were really waiting with bated breath for the annual Council of Fashion Designers of America Awards. We're referring, of course, to the fashion industry's most highly anticipated awards show, which took place yesterday and will air online for the first time today on Style.com at 12:00 p.m. (EST)! In case you're not familiar with the event, the CFDA Awards recognise the best and brightest in fashion design, and netting an award is one of the highest honours a designer can receive.This year's talented winners included Ashley and Mary-Kate Olsen for The Row (Womenswear Designer of the Year), Reed Krakoff (Accessory Designer of the Year), and Joseph Altuzarra (Swarovski Award For Emerging Talent in Womenswear). Naturally, the red carpet at such an occasion was flooded with heavy-hitters (think: top designers, magazine editors, models, and celebrity presenters) in their finest attire. We rounded up a number of the most memorable ensembles in today's story, which are all winners in our book! Make sure to check out details on What They Wore and tune into the show to find out which other designers scored a coveted CFDA award. Plus don't forget to click here to shop our list of nominees!

WHO: Joan Smalls
WHAT: Model
WEAR: Michael Kors ivory double dace stretch wool crepe racer back fishtail gown from Pre-Fall 12 collection; Michael Kors gold python barrel clutch from Resort 13 and gold snake chain ankle wrap stiletto sandals from Resort 12 collection

WHO: Dakota Fanning
WHAT: Actress
WEAR: Proenza Schoulder Brocade Dress and Tie-Front Booties from the F/W 12 collection

WHO: Hilary Rhoda
WHAT: Model
WEAR: Rebecca Minkoff dress

WHO: Zoe Saldana
WHAT: Actress
WEAR: Prabal Gurung dress from the F/W 12 collection

WHO: Arizona Muse
WHAT: Model
WEAR: Diane von Furstenberg New Cindy Dress in Puffy Sequins, Catena Clutch in Pewter, and Crystal Boots in Black

WHO: Mary-Kate and Ashley Olsen
WHAT: Winners of the Womenswear of the Year award
WEAR: The Row

WHO: Jessica Pare
WHAT: Actress
WEAR:Jason Wu dress from the F/W 12 collection; Tiffany & Co. jewellery

WHO: Solange Knowles
WHAT: DJ/trendsetter
WEAR: Marni cotton top and skirt with applications; Marni woven leather clutch, both from the S/S 12 collection

WHO: Kate Bosworth
WHAT: Actress
WEAR: Altuzarra Laal Dress and Rossi for Altuzarra black velvet ankle cuff pumps, both from the F/W 12 collection

All images, courtesy of Getty