Tonight's fashion awards bring to a close an exciting year for style. Look at who will have their fingers crossed later

The stars of British fashion will descend on the Savoy this evening as the annual British Fashion Awards get the party season started. It's been another great year for emerging home-grown talent and big brands alike, which are basking in the spotlight of Britain's jubilant year.

The biggest story of 2012 was, of course, the Olympics, and for her role as designer of the Team GB and Paralympics GB kits, Stella McCartney is one of the main contenders for designer of the year. Her competition for the gong comes from Christopher Kane, the talented Scottish designer whose departure from his role at Versace's line, Versus, added further fuel to rumours he is to take the recently vacated top job at Balenciaga, and Mary Katrantzou – the winner of last year's emerging-talent award for her couture-inspired ready-to-wear.

The winners of 12 categories will be announced later, although one man who knows that his speech will definitely come out of his suit pocket is Manolo Blahnik. The footwear designer, who opened his first shop almost 40 years ago in Chelsea, where it remains to this day, will be honoured for his outstanding achievement.

As is the London way, the newer kids on the block receive recognition, too – thanks to the emerging-talent categories that include ready-to-wear and menswear categories. Accessories will be in the spotlight here too as Jordan Askill, Sophie Hulme and Dominic Jones vie for that honour.

As well as fashion creators – stylists, make-up artists and photographers – those in front of the camera aren't forgotten. The nominees for model of the year include Jourdan Dunn and Cara Delevingne, two London-based girls whose careers have skyrocketed this year.

The winners are kept under wraps until later this evening, but whoever they are they'll do it with style.