The CFDA Awards are like the Oscars of fashion, only with a much more fashionable red carpet that receives much less attention from the masses than it should. While prestigious, it's unclear how much impact on business success winning one of the statues has. However, just being able to go to the award ceremony is a treat, and it will be even sweeter this year since Lady Gaga is receiving the Fashion Icon award that went to model Iman last year. It's unclear if she'll attend or submit one of those "sorry, I have something more important to do" videotaped thank-you messages, but in a perfect world she'd go with Nicola Formichetti and tattooed "Born This Way" hump buddy Rico on her fashionably immobilized arms.

Onto the designers who make Lady Gaga possible: Alexander Wang and Marc Jacobs are nominated for the CFDA award for womenswear design for the second year in a row. Jacobs, who won for womenswear design last year, will also receive the honorary Geoffrey Beene Lifetime Achievement award. Wang is, unsurprisingly, the most nominated designer of the night, also in the running to win the Swarovski menswear award and accessory designer of the year. Earning two nominations — for womenswear design and accessory design — is Proenza Schouler. The Swarovski award for womenswear, which honors younger labels with underwriting and crystals from Swarovski, looks like a tight race, with the Olsen twins, Prabal Gurung, and Josph Altuzarra in the running. Altuzarra and Gurung were nominated last year, when Jason Wu won. Here's a full list of nominees and honorees.

Womenswear Designer of the Year
Alexander Wang
Jack McCollough and Lazaro Hernandez for Proenza Schouler
Marc Jacobs

Menswear Designer of the Year
Michael Bastian
Patrik Ervell
Simon Spurr

Accessory Designer of the Year
Alexander Wang
Jack McCollough and Lazaro Hernandez for Proenza Schouler
Reed Krakoff

Swarovski Award for Womenswear
Joseph Altuzarra
Ashley Olsen and Mary-Kate Olsen
Prabal Gurung

Swarovski Award for Menswear
Alexander Wang
Phillip Lim
Robert Geller

Swarovski Award for Accessory Design
Alejandro Ingelmo
Eddie Borgo
Jason Wu
Pamela Love

Geoffrey Beene Lifetime Achievement Award
Marc Jacobs

CFDA Board of Directors Special Tribute
Arthur Elgort

Fashion Icon Award
Lady Gaga

Eugenia Sheppard Media Award
Hilary Alexander of The Telegraph

Eleanor Lambert Founders Award
Hal Rubenstein of InStyle

International Award
Phoebe Philo for Céline

2011 CFDA FASHION AWARDS NOMINEES & HONOREES ANNOUNCED [CFDA]