Kanye West, Kim Kardashian West, Victoria Beckham, and More Come Out for the 2015 CFDA Fashion Awards Preshow Cocktails

The rain couldn t deter the stars from coming out in full force at the CFDA Fashion Awards last night. From Kimye and Pharrell Williams to Victoria Beckham and the Olsen twins, Alice Tully Hall was transformed into a hybrid of Fashion Week, the Oscars, and the Grammys. Fashion luminaries including Diane von Furstenberg, Kenneth Cole, Carolina Herrera, and Michael Kors joined in celebrating the new guard: Shayne Oliver (joined by Binx Walton in a summer-friendly deconstructed white dress), Prabal Gurung (flanked by Diane Kruger and crooner Jhené Aiko), and Paul Andrew (accompanied by actress Emmy Rossum).

As guests like Liya Kebede (in an Altuzarra stunner fresh from the designer s resort collection), Banks (in Public School), and Janelle Monáe (in a caped look from Tadashi Shoji) sipped on champagne and nibbled on delectable bites, others were speculating about who would win, while taking in the sight of one of Instagram s most prolific posters, The Fat Jewish (also known as Josh Ostrovsky).

It was quite the evening for the social media platform as Instagram cofounder Kevin Systrom, was presented with the Media Award by none other than Kim Kardashian West, who stunned in a custom dress from Proenza Schouler, hinting at her growing bump.

Just as the bells were sounding for everyone to take their seats, we asked first timer Gigi Hadid—one of the evening s standouts in a glittering jumpsuit from Michael Kors—what she hoped to take away from the night. "I m most excited about not messing up my presentation," laughed Hadid, who was losing her voice. And did she happen to cross paths with her sister, Bella (who came with designer Misha Nonoo)? "I saw her on the red carpet and then she ran away from me,” Hadid said. "It’s the first time for both of us, so we get to do it together which is really fun!" Clearly no sibling rivalry here.

See the best-dressed celebrities at the 2015 CFDA Fashion Awards: