A few of fashion’s best dressed, along with innovative designers, stepped out to celebrate the 17th Annual Accessories Council Excellence (ACE) Awards at Cipriani 42nd Street in New York City, an evening recognizing those who have significantly contributed and impacted the world of accessories. The long list of honorees included Stacy Kiebler (for Style Ambassador), Olivia Palermo (for Distinguished Style), Warby Parker (for Retail Innovation), Phillip Lim (for Designer of the Year), and the legendary Iman (for Hall of Fame). “You always get excited [about Hall of Fame] because I mean, wow that’s big,” she said to InStyle.com. “I always believed that accessories are the stars in my closet and the rest of my clothes are supporting guests.” Along with the honorees, A-list presenters were also part of the big night which included actress Joan Collins— who presented jewelry designer Alexis Bittar with Brand of the Year award—and designers Tommy Hilfiger, Rebecca Minkoff, Jason Wu and Naeem Khan. The evening not only celebrated the stars, but the renowned Accessories Council, a non-profit advocacy group supporting accessory designers, and adding to the stylish flair of the evening, singer/songwriter Guordan Banks serenaded guests with a special live performance.

In the spirit of the event dedicated to accessories, we asked the honorees if they follow Coco Chanel’s infamous rule of removing at least one accessory before leaving the house and the stars’ responses? “I do a little double check,”style icon Olivia Palermo said to InStyle.com. “Sometimes I add a little on or add a little off, it depends.” As for Iman, she admitted that not only does she follow the rule, but she even did it for the event! “I totally believe that, I wore bracelets, but I thought it was over kill,” she said.

Plus, see more celebrities from this week's parties!

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