"We have really enjoyed our time, the past 10 years in this industry," Ashley Olsen said as she accepted the prestigious award. "We love our customers."
Mary-Kate and Ashley Olsen established The Row in 2006, and launched vintage-inspired label Elizabeth and James in 2007. The sisters also head J.C. Penney brand Olsenboye and t-shirt line Stylemint.
The Council of Fashion Designers of America previously honored the Olsen twins with Womenswear Designer of the Year in 2012. The pair are well known for portraying Michelle Tanner on ABC sitcom Full House, but will not return for Netflix reboot Fuller House.