Anointing the new It designers

MANILA, Philippines - Every year, the Council of Fashion Designers of America (CFDA)/Vogue Fashion Fund award a designer or two with funding and mentoring for their fashion business. This year, Greg Chait of the Elder Statesman joined the ranks of Alexander Wang, Sophie Theallet and Joseph Altuzarra –– who were also once up-and-coming designers themselves. The winner will receive $300,000 to invest in his own label, as well as a year-long mentorship with an industry veteran. Runners-up Jennifer Meyer and Tabitha Simmons will receive $100,000 and mentorship. The top award was presented by actress Emma Stone, who wore Burberry Prorsum. The fashion fête was held in New York City and brought designer favorites like Alexa Chung, Dakota Fanning, Chelsea Clinton, Miranda Kerr, Chanel Iman, Louise Roe and Coco Rocha.