The Council of Fashion Designers of America/Vogue Fashion Fund award is a dream come true for any up-and-coming label - with a cash prize of $400K USD for the winner and $150K USD for the two runners up. And this year the anointed brand is US-based designer Telfar Clemens' brand, Telfar with Becca McCharen-Tran's label, Chromat and Ahlem Manai-Platt's brand Ahlem the two runners up.

CFDA Vogue Fashion Fund finalist showcase

The prestigious prize not only gives a much-needed cash injection to young labels but also their choice of mentor from within the fashion industry and with a judging panel that includes big style names like Instagram's head of fashion partnerships, Eva Chen, designer Joseph Altuzarra, and iconic fashion designer Diane von Furstenberg the mentor pool is exceptional.

Telfar is a unisex label founded in New York City back in 2005 by Telfar Clemens and with a brand ethos of, according to the label's website, "It's not for you - it's for everyone," is as inclusive as fashion can possibly be. And proving how strong the athleisure category is - runner up label, Chromat by Becca McCharen-Tran is a New York-based swimwear and activewear brand. Ahlem, the other runner up is an eyewear brand founded by Ahlem Manai-Platt and indicates it's still all about key accessories.

According to Vogue.co.uk all the best-dressed fashionistas attended the award ceremony including Karlie Kloss, Hilary Rhoda and Arizona Muse. With next-gen It girls Kaia Gerber, Zendaya and Millie Bobby Brown hitting the finalist designer showcase held at LA's Chateau Marmont last month.

Billie Bobby Brown and Kaia Gerber at the showcase

Which emerging label won the CFDA/Vogue Fashion Fund award?