Sophie Theallet was announced the winner of this year's CFDA/Vogue Fashion Fund awards in New York November 16.

Bestowed by the Council of Fashion Designers of America and American Vogue, the prize is worth $200,000 to develop the designer's collection as well as one year of mentoring by industry professionals.

The New York-based designer was previously endorsed by US First Lady Michelle Obama, who wore Theallet's feminine dresses - belted as always - on three occasions during her Europe trip this summer.

Runners-up, sustainable fine jewelry designer Monique Pean and menswear designer Patrick Ervell, each received $50,000.

Former winners of the prestigious fashion fund, now in its sixth year, include 2008's Alexander Wang whose career has taken off since. Wang also won this year's Swiss Textiles Award.