The Council of Fashion Designers of America (CFDA) announced Wednesday that Lady Gaga will be honored with the Fashion Icon Award for being a fashion revolutionary impacting style today.

At an exclusive event hosted by Nadja Swarovski and CFDA President Diane von Furstenberg, the nominees and honorees for the 2011 CFDA Fashion Awards were also announced.

The nominations this year reflected the raising influence that a new generation of talent is having on the industry. Besides this, it also celebrated the masters of design in the fashion arena.

The final votes will be tabulated by Ernst & Young LLP and the 2011 winners will be announced at an annual gala on June 6 at Alice Tully Hall at Lincoln Center.

There is no other event that puts the spotlight on American fashion like the CFDA Fashion Awards, said Steven Kolb, CFDA executive director. We look forward to once again honoring the best and brightest talent working today.

The nominees for Womenswear Designer of the Year Award announced include Alexander Wang, Jack McCollough and Lazaro Hernandez for Proenza Schouler, and Marc Jacobs. For the Menswear category, the nominees are Michael Bastian, Patrik Ervell, and Simon Spurr. .

Among the emerging talent prizes, called the Swarovski Awards, nominations include Prabal Gurung, Phillip Lim, and Robert Geller.