Calvin Klein will be named Designer of the Year at the ACE Awards.

The creative team behind the Calvin Klein Collection's brand - womenswear creative director Francisco Costa, menswear creative director Italo Zucchelli and shoes and accessories creative director Ulrich Grimm - are to be honoured at the annual Accessories Council Excellence (ACE) Awards tonight (05.11.12).

The three designers have amassed a total of 36 years at the label - known for its classic and minimalist aesthetic - and are responsible for its current success.

This marks the first time three designers from one fashion house are being bestowed with the prestigious accolade.

Other brands which are set to be honoured include Fossil Inc. for Brand of the Year and Stella & Dot for Retail Innovation.

The prestigious ACE Awards will take place this evening at Cipriani in New York City.

Calvin Klein recently made headlines when Kate Moss admitted she was left bedridden with anxiety after completing their famous 1992 campaign - which featured her topless and straddling Mark Wahlberg - at the tender age of 16.

She said: ''It didn't feel like me at all. I felt really bad straddling this buff guy. I didn't like it. I couldn't get out of bed for two weeks. I thought I was going to die.''