Always on the cutting edge of style, Mary Kate and Ashley Olsen looked chic and stunning at the 2011 Council of Fashion Designers of America (CFDA) Awards.

The pair were nominees for the Swarovski Award for Womenswear, but unfortunately did not take home the prize.  Prabal Gurung, designer of Victoria's Secret model Alessandra Ambrosio's gown for the show, was given the distinction instead.

Mary Kate & Ashley Olsen on the red carpet of the CFDA Awards - Hollywire.com

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The twins' nominated line, The Row, launched in 2007 with the aim of creating the perfect white T-shirt.  What began as a range of basics has now grown to a full womenswear collection, known for its minimalist elegance, clean lines and extravagant furs.  First lady Michelle Obama was even spotted wearing one of their items -- a pale-grey, pleated Evelyn skirt (worth $1,170!) -- for her appearance on The View earlier this spring.

The twins were given membership to the CFDA in 2009 in an unexpected move by organization president, Diane von Furstenberg.  Typically the CFDA takes a dim view of celebrity designers, but the Olsens' managed to stand out above the rest.

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The Row is distinctively targeted at older customers between the ages of 35 and 45, an unusual choice in an industry obsessed with youth.  Especially given the reputation of the former Full House stars as photogenic young scenesters, their decision not to create clothes for their contemporaries  really gives the brand a noticeable sense of credibility and professionalism.

What's next for the girls?  Ashley told The Modestry, "I think every designer would say they'd love to open their own store."  Does this mean a possible store opening for the girls in the near future?  We'll see!

What do you think of the MK&A's fashion taste?

Photos courtesy of Fame Pictures