Mary-Kate and Ashley Olsen were named Womenswear Designers of the Year at the 2015 CFDA Fashion Awards in New York City last night (01.06.15).

The former child stars' The Row label beat off stiff competition from designers including Marc Jacobs, Michael Kors and Joseph Altuzarra for Altuzarra to take home the prize at the prestigious Council of Fashion Designers of America awards ceremony held at the Lincoln Center's Alice Tully Hall and hosted by 'The Late, Late Show' star James Corden.

Elsewhere Tom Ford beat Tim Coppens, Thom Browne, Rag & Bone's David Neville and Marcus Wainwright and Public School's Dao-Yi Chow and Maxwell Osborne to be crowned Menswear Designer of the Year while Alexander Wang and the Olsen twins' The Row lost out to Tabitha Simmons in the Accessory Designer of the Year category.

In addition to Corden as master of ceremony, Kim Kardashian West, Amanda Seyfried, Joshua Jackson, 'Empire' actress Taraji P. Henson, Zachary Quinto and Gigi Hadid were all on hand to present awards.

Meanwhile, the list of celebrity guests at the event - which is often referred to as the ''Oscars of fashion'' - included Emmy Rossum, January Jones, Bella Thorne and Dwyane Wade.

The full list of winners are as follows:

International Award - Valentino creative directors Maria Grazia Chiuri and Pierpaolo Piccioli

Media Award - Instagram

Founders Award - Millard ''Mickey'' Drexler, CEO and chairman of the Board of J.Crew Group, Inc.

Geoffrey Beene Lifetime Achievement Award - Betsey Johnson

Swarovski Award for Accessory Design - Rachel Mansur and Floriana Gavriel for Mansur Gavriel.

Swarovski Award for Womenswear - Rosie Assoulin

Swarovski Award for Menswear - Shayne Oliver for Hood by Air

Accessory Designer of the Year - Tabitha Simmons

Menswear Designer of the Year - Tom Ford

Womenswear Designer of the Year - Ashley Olsen and Mary-Kate Olsen for The Row