Similar to the CFDA/Vogue Fashion Fund in the US, the British Fashion Council (BFC) Vogue Designer Fashion Fund to foster home-bred talent has been announced November 3.
The UK already has a number of coveted fashion talent prizes such as NewGen or Fashion Forward, which are also awarded by the council.
But at £200,000 (€221,410), the new award, which will be handed out in collaboration with Britain's Vogue magazine, offers unparalleled financial support -- "with no expected return or shareholding" -- and intense mentoring by fashion industry insiders.
London is considered the world's number one fashion capital when it comes to emerging talent. Christopher Kane, Giles Deacon, Marios Schwab and House of Holland are just a few of those who have impressed the international fashion community in recent years.
This year's American CFDA/Vogue Fashion Fund finalists are Alabama Chanin, Esquivel Shoes, Gary Graham, House of Waris, Monique Pean, Ohne Titel, Patrick Ervell, Sophie Theallet, Spurr, and Wayne. The winner and two runners-up will be announced in New York on November 16. Last year's winner, Alexander Wang, is now one of the most sought-after designers of the country.