By StyleWatch
Updated May 27, 2010 05:10 PM

Janet Mayer/Splash News Online

When it comes to fashion, co-designers Mary Kate and Ashley Olsen are used to receiving the praise, but at last night’s 32nd Annual American Image Awards in N.Y.C., the fashion-designing duo were more than happy to pay some compliments of their own. The trendsetting sisters, who currently helm three different apparel collections, couldn’t find enough good things to say about their Elizabeth and James shoe partner, Steve Madden, whose namesake brand was being honored at the event. “You’re a mentor and a man of your word,” Ashley announced onstage at the Grand Hyatt Hotel before she and her sister presented the Brand of the Year award to “Mr. Cobbler” Madden, who the twins joined forces with in 2008 to create a footwear line for their popular Elizabeth and James apparel label. “You’re such an inspiration and we admire your loyalty,” Ashley continued of the hard-charging exec, who has maintained his brand for 20 years despite major legal woes in the early 2000s. Madden received equally kind words last night from Mary Kate , who echoed her sister’s praise saying, “Ashley and I admire you, Steve.” –Gillian Koenig, Reporting by Mary S. Park