Dylan Lauren is not your typical heiress.  She has made an Wonka-like empire out of knowing candy the way her father (Ralph Lauren) knows polos.  And tonight, she will unveil her bigger & better King Size Dylan’s Candy Bar store on Third Avenue.  We are excited to see the million dollar(s) renovation that the flagship store underwent.  Dylan has been helping satisfy sweet tooths for years, and she’s been looking fabulous along the way.

More photos below:

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Ralph Lauren who was the recipient of both the Menswear Designer of the Year award and the American Fashion Legend award at the 2007 CFDA awards:

Oscar de la Renta, winner of the Womenswear Designer of the Year award:

Our favorite, however, was P.Diddy.  Although he didn’t take home any award, he was still a winner in our book as the suave host of the after party at Marquee where our favorite party girl Tinsley apparently got down and dirty with singer Aubrey O’Day and DJ Cassidy.

The venerable New York Public Library was the setting for last night’s 2007 CFDA awards. While all of the big name fashionistas were there including Ralph, Derek, Jack, Lazaro, Oscar, Anna, Oprah, and Tinsley, it was these tiny tots that won our vote:

Their new fashion line Elizabeth and James (named after their younger siblings) is set to be released this fall. WWD reports the line was created by Peter Koral and Jane Siskin, the creators of Seven For All Mankind and LaRok. Mary Kate tells Women’s Wear, “We wanted it to be based on a relationship between a young girl and a boy and tell the story through the clothing.”  Why this type of relationship should be manifest in a clothing line, and why individuals should want to wear it (other than the Olsen’s assocation with it) remains to be determined.  In the meantime, guestofaguest will be searching for answers, including what exactly this muse relationship consists of (a brother and sister, a boyfriend and girlfriend, cousins?  Could get kinda weird?!).

Which Socialite looked better?

Tinsley Mortimer in Max Azria:

Or Tory Burch:

More awards after jump….