Without question, it’s been a tough economic year for the fashion industry.

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But Seventh Avenue’s elite designers, accompanied by their celebrity pals, stepped out Monday night to celebrate themselves at the Council of Fashion Designers of America gala — the equivalent of the Oscars for fashion.

This year, the event moved from the Public Library to the more spacious Alice Tully Hall at Lincoln Center. The mood was upbeat and optimistic.

“Tonight I’m into fashion. When I was a kid I used to wear a saddlebag I got from a bridle store. Now I wear a backpack,” he said.

Will there be a Hangover sequel? “H2, baby. No, I’m kidding,” he said.

Diane Kruger, who stars in the upcoming Quentin Tarantino film Inglourious Basterds, was dressed and escorted by designer Jason Wu, who gained fame after creating Michelle Obama’s inaugural gown.

Of Wu, Kruger said, “I’ve been very inspired by him.”

Kruger, who also models, divulged her style tips. “I like to keep my hair simple. I have bad hair, so I wear it up,” she said. Wu said he hasn’t spoken to Obama recently. “I’ve been really busy, but it’s been great to watch her from afar. She’s beautiful, and it’s amazing to have a first lady who represents American fashion.”

Top Chef host Padma Lakshmi, who’s been shooting the show’s next season in Las Vegas, shared her secret for staying trim after being around so much food.

“It’s always a really huge battle, but I go to the gym as soon as we wrap. I take the stairs. I also always have a jump rope in my suitcase. You can do that anywhere,” she said.

Acerbic comedienne Tracey Ullman, not exactly known for her style, hosted the evening, and said she’s into fashion. “I just like people being individuals. I love fashion, but I don’t shop. I love Claire McCardell and collect her stuff on eBay,” she said.

Obama, who’s become a fashion force in her own right by championing lesser-known designers like Thakoon Panichgul and Wu, received a special tribute. She, in turn, recorded a thank-you message that aired during the awards portion of the evening. Wearing a crisp white shirt and pearls, Obama thanked the crowd “for making fashion liberating, inspiring and most of all fun.”

Designers raved about Obama’s impact. “She’s shown you can look good and be smart at the same time and that being fashionable isn’t so shallow or superficial,” Marc Jacobs said. “Fashion is just a part of life.”

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