The CFDA held its annual awards ceremony in New York last night, honoring a rising generation of fashion power players, as well as First Lady Michelle Obama (who accepted the commendation of Board of Directors’ Special Tribute via satellite). CFDA President Diane Von Furstenberg held court, while Tracey Ullman hosted. The latter opened the ceremony with a Keifer Sutherland head-butting joke, which garnered only "weak laughter," says Fashionologie. It probably didn't help matters that Jack McCollough, half of the design team behind Proenza Schouler (who won the title of Accessories Designer of the Year) and the recipient of said head-butt post-Costume Gala, was in attendance.

With some of the world's best athletes speeding across a field at 35mph on horseback, hitting a ball, and frequently colliding with each other, polo is as beautiful as it is dangerous. "Speed, danger, strategy and teamwork, are all the ingredients that a sport needs to be huge," says polo’s version of Brad Pitt, Ignacio "Nacho" Figueras. The tall, dark, and handsome Argentine -- who moonlights as the face of Ralph Lauren fragrances -- will captain the Black Watch team this Saturday at the second annual Manhattan Polo Classic, sponsored by Veuve Clicquot on Governor's Island. Anglophiles take note: Also saddling up will be HRH Prince Harry, who is in town for his first official state visit. Proceeds from ticket sales will benefit the American Friends of Sentebale. We spoke to Figueras (who was introduced to designer Lauren by photographer Bruce Weber) about this weekend’s events, and his continued quest to popularize this traditionally blue-blood obsession.

For weeks, the fashion industry has been in a frenzy trying to predict what Michelle Obama will don for her husband’s inauguration on January 20. (The Huffington Post even published a slideshow today of Mrs. Obama’s formal ensembles from events past in fruitless hope of revealing some sort of significant underlying trend.) But the First-Lady Elect isn’t the only figure designers have their eye on. According to the New York Times today, “fashion designers have been approaching the inauguration as if it were an extension of the Hollywood awards season.” Meaning: Dressing a pap-friendly guest is serious business in such a challenging economic climate. Katie Holmes’ rep recently told the Washington Post that this awards season was the first time she’d seen designers themselves solicit A-list stars to wear their designs.

● Although she's almost 40, Jennifer Aniston is going nude -- save for a red, white, and blue tie -- on the cover of the new GQ. Inside she pokes fun at Brad and Angie, and dishes on John Mayer. [People]
● Recession be damned: Acne Jeans will release their Alber Elbaz-designed denim collection (ranging from $520 to $1,350) tomorrow. They will be available at Acne Studio and Barneys, and I'm sure they have installment payment plans available. [NYMag]
● Anna Wintour and Ralph Lauren gathered the other day for a lunch powwow; spies said their moods were dour, and they both looked "downright anguished." Could they be feeling the economic pinch? [MediaBistro]

It’s no surprise that Ralph Lauren’s eponymous fashion empire is a force to be reckoned with. But according to DNR's recently released list of the top 100 most influential people in menswear today, Ralph Lauren takes the cake as the king. Having celebrated his iconic, Americana-infused brand’s 40th anniversary just last year -- not to mention outfitting the US Olympic athletes for the Beijing games -- Lauren appears to be at the top of his game.

Dylan Lauren, owner of Dylan’s Candy Bar, on recession-proof sweets, her love of Willy Wonka, turning candy into art, and how her new joint serves both candy and booze.

Favorite Hangs: J.G. Melon on 74th and Third Avenue. It's nostalgic to me. I grew up going there with my family. I like the cozy décor and tavern feel, the old-school waiters, the food and the outdoor seating. I also like Cafe Bacio On 71st and First Avenue. The two owners are nice guys and entrepreneurs as well. They make a delicious nonfat vanilla chai tea latte which I have to get my day started.

Jeff Koopersmith has worked himself into a lather declaring that Ralph Lauren embarrassed America with its Olympic opening ceremony uniforms. They were too crass, too commercial, too elitist. Or, in his own words, "This is typically American: create something combining taste and quality, and then reduce it to rubble it by advertising where you bought it -- and how much you paid." Apparently, the oversized Polo logo was simply unacceptable. "So why did Polo Ralph Lauren go and embarrass us all by not just putting their logo on the clothes but putting in on SO BIG?"

For Ralph Lauren, the Beijing Olympics are the biggest fashion show ever. And it's already begun to pay off. According to reports, shoppers are sporting the same wear as the athletes strutting around the Olympic Village. Polo pullovers are big sellers, as well as the classic polo shirts adorned with the Olympic rings, the US team logo and the classic Polo pony. Polo senior veep of communications David Lauren calls the Opening Ceremony the company's "highest-profile moment. It's our ultimate fashion show." The big buzz, however, is on the Polo's Opening Ceremony navy blazers.

As more than 600 American Olympic athletes funnel through the processing center in San Jose, California this week--one of their final stops before Beijing--they'll be presented their uniforms. Usually the togs are a garish splattering of eye-popping jingoism. These Opening Ceremony (not to be confused with the store) uniforms, by Ralph Lauren, will not disappoint. "He made wonderful use of rich red, white, and blue colors," says one report. "For the opening ceremony, the men and women will have a double vent navy blazer with safari pleats on the back as well as a white driving hat and canvas walking shoes. For the closing ceremony, Ralph opted for a more casual look that includes white shorts, a red, white, and blue rope belt, a classic polo shirt and a sleeveless sweater." Truly refined, clean cut and all-American prepsterism throughout.

One of my pet peeves passes by me as I walk to work each day: women in black pants and blazers with the June sun burning high above. If the recent New York City heat wave wasn’t a clear enough indicator that summer has arrived, I don’t know what is. And like April showers bring May flowers, summer heat brings dainty sundresses. Ralph Lauren and BCBG have many of my favorite offerings for this warm season. Save the pants-suit for winter months and don a chic sundress while the going is hot. Several of the dresses I found are suitable for work (pun very much intended), but also casual enough for a day at the county fair.