Testino's black and white photo of the Princess of Wales is one of the best-known portraits of her - and rumoured to be among Prince Harry's favourite pictures of his mother.
But Testino and Cole's latest portrait is a long way from the catwalks.
They've collaborated on a book of photographs of women living with HIV and Aids, from around the world.
It's part of a campaign - with the actress Bianca Jagger - to raise awareness of HIV and Aids.
Breakfast talked live to Mario Testino and Kenneth Cole, about the photographs
Kenneth Cole explained how our ideas about Aids and HIV have changed in a decade:
"The face of Aids, even 10 years ago, was a man, probably gay, possibly Haitian or a drug user.
"Now, 14,000 people are contracting HIV/Aids every day. There are 42 million people living with Aids and HIV in the world."
As a world-famous photographer, Mario Testino was approached by the charity Marie Stopes international.
Women living with Aids from around the world were flown to London for the photographs.
"I thought I would make the women look as glamourous as any woman," Mario Testino explained.
"There are women in this book who could be my mother or my cousin."
Kenneth Cole is concerned that we may have become complacent: people with HIV and Aids are living far longer - but we still don't have a cure.
So, for him, the only message is still to protect yourself against infection in the first place.