Marc Jacobs, Lady GaGa and Phoebe Philo will all pick up prizes at the CFDA awards, which take place in New York in June.
Marc Jacobs will receive the Geoffrey Beene Lifetime Achievement prize at the 2011 CFDA awards.
The designer will pick up the prestigious award when the Council of Fashion Designers of America hand out their annual awards at New York's Lincoln Centre on June 6, and he will also contest for the Womenswear Designer of the Year Award, along with Alexander Wang, Jack Mccollough and Lazaro Hernandez of Proenza Schouler.
Diane Von Furstenberg unveiled the nominees last night (16.03.11) and revealed Marc was thrilled to be given the accolade.
She said: "He's very happy, but he says it's only a half lifetime award because he's only halfway finished."
Other guaranteed winners will be eccentric singer Lady GaGa, who is to receive The Fashion Icon Award, and Phoebe Philo, whose work for Celine will land her the International Designer of the Year award.
Meanwhile, the Menswear Designer of the Year prize will be fought over by Michael Bastian, Patrik Ervell and Simon Spurr, while Reed Krakoff, Alexander Wang and McCollough and Hernandez of Proenza Schouler are all in the running for Accessory Designer of the Year.
Mary-Kate and Ashley Olsen receive their first nomination in the awards, contesting for the Swarovski Award for Womenswear alongside Joseph Altuzarram and Prabal Gurung
Full list of CFSA 2011 nominees and winners:
International Designer of the Year:
Celine creative director Phoebe Philo
Geoffrey Beene Lifetime Achievement Award:
Fashion Icon of the Year:
Womenswear Designer of the Year nominees:
Alexander Wang, Marc Jacobs, Jack McCollough and Lazaro Hernandez of Proenza Schouler
Menswear Designer of the Year nominees:
Michael Bastian, Patrik Ervell and Simon Spurr
Accessory Designer of the Year nominees:
Reed Krakoff, Alexander Wang and McCollough and Hernandez of Proenza Schouler
Swarovski Award for Womenswear nominees:
Joseph Altuzarra, Ashley and Mary-Kate Olsen and Prabal Gurung
Swarovski Award for Menswear nominees:
Alexander Wang, Philip Lim and Robert Geller
Swarovski Award for Accessory Design nominees:
Alejandro Ingelmo, Eddie Borgo, Jason Wu and Pamela Love