Sharp dresser P. Diddy took one step closer to becoming a true renaissance man on Monday night when the Council of Fashion Designers of America named him the Top Menswear Designer of the Year.

At their 23rd annual awards ceremony held in the New York Public Library, the CFDA praised Puffy's Sean John collection, which beat out previous winners Ralph Lauren and Michael Kors, according to The Associated Press.

Combs had been nominated for the award four times in the past, but this was his first win. "I'm very happy, as you can see," said Diddy, who was wearing a white tux jacket. "Ralph, you're still the sexiest man on the planet."

Diddy launched Sean John in 1998 with a modest collection of jeans, T-shirts and baseball caps, and has turned it into a $175 million menswear company with complete lines of sportswear, outerwear, children's wear and accessories. In 2005, Sean John reportedly plans to launch a women's line.

The first Sean John boutique will likely open in August across from the library where the CFDA awards show took place.

Other winners at the CFDA ceremony included Carolina Herrera, who won Best Womenswear Designer of the Year and Reed Krakoff of Coach, who won Top Accessories Designer. Sarah Jessica Parker took the Fashion Icon honor, an award previously given to Nicole Kidman and C.Z. Guest.

Presenters and guests at the awards ceremony included Natalie Portman, Susan Sarandon, Isaac Mizrahi, Martha Stewart and Bernadette Peters.