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What You Need to Know About Tonight's CFDA Awards

Here's your guide on where -- and what -- to watch.

With additional writing by Alyssa Vingan. 

The 2014 CFDA Awards will be handed out in just a few hours. In addition to the big names among this year's nominees and honorees -- Alexander Wang, Tom Ford, Mary-Kate and Ashley Olsen among them -- the event increasingly draws a slew of famous guests and presenters. It truly has turned into the fashion Oscars.

While there will surely be some surprises (2012's Seth Meyers lace dress moment will be hard to top), we also have a pretty good idea of what to expect. Read on.

The Host:

You might be wondering why John Waters was chosen to host the CFDA Awards this year, and here’s the short answer for you: He was the life of the party at the 2012 ceremony (he accepted awards on behalf of both Rei Kawakubo of Comme des Garçons and Johnny Depp) and he’s back by popular demand. Creatures of the Wind designers Shane Gabier and Christopher Peters told us last week that they can’t wait to see Waters host the show, and that when they met him at the CFDA Awards in 2012, he was 110 percent as funny as they’d hoped he’d be.

The Presenters:

Richard Buckley will present his husband Tom Ford with his Lifetime Achievement Award. Greta Gerwig and Sebastian Stan will hand out the three Swarovski Awards. Lupita Nyong'o will present the Womenswear Designer of the Year award. James Marsden will present the Menswear Designer of the Year award, and Keri Russell the Accessories Designer of the Year award.

The Celebrity Guests:

According to WWD,  Anna Chlumsky, Alessandra Ambrosio, Dree Hemingway, Busy Phillips, Hilary Rhoda, Gia Coppola, Joan Smalls, Olivia Wilde, Sophia Bus, Suki Waterhouse, Ralph Lauren, Carolina Herrera, Donna Karan, Francisco Costa, Michael Kors, Lisa Perry, Tory Burch, Tracy Reese and Vera Wang will be in attendance. Oh, and Chris Kattan is going as his "SNL" character, Mango.

The Webcast:

Though the event will not be live-streamed, it will be webcast at 11 a.m. ET Tuesday at The livestream will be hosted by Brad Goreski, who will surely provide some laughs.

Womenswear Designers of the Year

The nominees: Alexander Wang, Joseph Altuzarra, Marc Jacobs

Who we think will win: Alexander Wang

Why: This category is a very tough call, since all designers nominated have had pretty major things happen to them this year. Nine-time winner Marc Jacobs, fore example, said goodbye to Louis Vuitton and will remain solely focused on his eponymous brand, while Joseph Altuzarra, who won the Swarovski Award for Womenswear in 2012, just announced that he’s the next designer in line for a collaboration with Target. But, no one has had a year quite like Wang, whose show at New York Fashion Week in February was one of the most talked about (and not just because it was in Brooklyn), and who also announced in April that he will be partnering with H&M on a line for both men and women this fall. Wang received the Swarovski Award for Womenswear in 2009, the Swarovski Award for Accessories in 2010 and the Accessories Designer of the Year Award in 2011, so we’re thinking it might be time for him to take home the big one.

Menswear Designer of the Year

The nominees: Thom Browne, Marcus Wainwright & David Neville of Rag & Bone, Dao-Yi Chow & Maxwell Osborne, Public School

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Who we think will win: Public School

Why: There isn’t a design duo in the entire industry who is as buzzed about right now as the one behind Public School. Not only did they win the prestigious CFDA/Vogue Fashion Fund this year (and Anna Wintour is among their biggest fans), Chow and Osborne took home the Swarovski Award for Menswear in 2012 for their cool, urban designs.

Accessories Designer of the Year

The nominees: Alexander Wang, Jack McCollough and Lazaro Hernandez of Proenza Schouler, Ashley Olsen & Mary-Kate Olsen of The Row

Who we think will win: The Row

Why: The duo won the Womenswear Designer of the Year Award in 2012, but has yet to receive recognition for its stellar (yet really expensive) accessories, which include timeless sunglasses and classically shaped bags in exotic materials that seem to sell out every season. The label opened its first store in Los Angeles recently, and the Olsens continue to prove that they’re forces to be reckoned with in the industry.

Swarovski Award for Womenswear

Nominees: Shane Gabier & Christopher Peters for Creatures of the Wind, Rosie Assoulin, Wes Gordon

Who we think will win: Wes Gordon

Why: Of the Swarovski nominees, this category is the biggest toss-up. On one hand, Creatures of the Wind has been nominated twice before and, thus, maybe should take home the prize this time around. However, we're not sure if the designers' latest collection warrants it, or if they've achieved the commercial and editorial growth required. There's also the very talented Rosie Assoulin, a veritable industry darling with major bloggers like Leandra Medine among her champions, though she's probably a bit too new to the game for a win. That leaves Wes Gordon, who we truly feel has gotten better and better with every season, and who has steadily built his business -- in terms of retail, editorial and celebrity placements -- in a way that we're sure would appeal to Swarovski and the CFDA.

Swarovski Award for Menswear

Nominees: Tim Coppens, Todd Snyder, Shayne Oliver for Hood by Air

Who we think will win: Todd Snyder

Why: Snyder consistently churns out solid collections that are beautifully crafted and modern, yet wearable, and that are always lauded by critics, but also have commercial appeal. Add that to the fact that this is Snyder's third consecutive nomination (he was also a finalist for -- and didn't win -- last year's CFDA/Vogue Fashion Fund), and you pretty much have a CFDA shoe-in.

Swarovski Award for Accessories Designer of the Year

Nominees: Irene Neuwirth, Jennifer Fisher, Marc Alary

Who we think will win: Irene Neuwirth

Why: This season is tricky -- and interesting -- because all of the accessories nominees are fine jewelry designers. Historically, fine jewelry designers don't win (against shoe and/or handbag designers), with the exception of stars like Pamela Love (who was nominated three times before she won) and Eddie Bargo, both of whom have strong visions and really made names for themselves. None of this year's nominees are household names, but they all make pretty jewelry. Our bets are on Neuwirth mainly because this is her third consecutive nomination. She's also loved by Barneys and has a solid celebrity following.

Homepage photo: Theo Wargo/Getty Images