The former child stars-turned-fashion moguls saw off competition from Marc Jacobs to be named Womenswear Designer of the Year for their collection The Row.
Designer Zac Posen, who mentored Ashley while she was in college, took to Twitter.com to praise the actresses, writing, “Congratulations to all the CFDA winners & nominees. So proud of my old intern Ashley Olsen!! Well deserved.”
Pirates of the Caribbean hunk Johnny Depp was also celebrated at the New York City event – he became the first male to be named a Fashion Icon by the CFDA for his “personal and eclectic sense of style”.
The actor was not present to pick up his trophy, which was accepted by Cry-Baby director John Waters on Depp’s behalf.