Bloomberg's speech about Lauren showcased the Mayor's wry wit: "It's good to be in a small building that was built on a budget," he began, drawing an appreciative chuckle. "I am a mayor who was a businessman, but most importantly, I am known as a fashionista," Bloomberg continued to further guffaws. "I say that in spite of the New York Post claiming that I only own two pairs of shoes. Alas, that's also true, but on the bright side, I'm only 2,998 behind Amelia Marcos." (We assume he meant Imelda.)

The Mayor—who made sure to wear a Ralph Lauren tie, and even showed the crowd its label—went on to tell the story of how Lauren "worked his way up from salesman to what he is today: an icon," highlighting Lauren's business and philanthropic achievements. He also cleared up a mystery regarding the key, which is the city's most prestigious honor—for those wondering, it opens "absolutely nothing." But the key needn't be functional to work for a man like Lauren, Bloomberg continued. "It's the accessories that really make the whole outfit."