Fashion's New Guard

Blake Lively, Carey Mulligan, and Kim Kardashian turned out to the CFDA/Vogue Fashion Fund Awards on Monday night, during which designer Billy Reid took home the $300,000 prize. See pictures from the ceremony.

Fashion designer Billy Reid took home the CFDA/ Vogue Fashion Fund’s Award for emerging talent on Monday night, collecting $300,000 at a gala in New York. Designers Prabal Gurung and Eddie Borgo were the runners up, winning $100,000 each.

Karl Lagerfeld, Blake Lively, Carey Mulligan, and Kim Kardashian turned out to Skylight Studios in SoHo to celebrate the young designers, which included finalists such as Joseph Altuzarra, Olivier Helden and Paul Marlow of Loden Dager, and jewelry designer Pamela Love.

Every year, the CFDA / Vogue Fashion fund hosts a dinner to honor emerging talents, who compete for a grant from the magazine that includes a hefty chunk of change to help bankroll their businesses, as well as gain a mentorship from a designer like Marc Jacobs. When the event first started, back in 2004, the dinners were relatively quiet affairs, but as the CFDA has grown in recent years, so too have their galas.

Over by the seating area, we spotted Michael Kors, who was doing the ubiquitous fashion world double-cheek kiss with Mario Testino. Parked on a couch toward the back was Diane von Furstenberg, the CFDA president. A few feet away was Zac Posen, who mingled with his date for the evening, Kim Kardashian, who wore—of course—a Zac Posen dress.

How’d they meet, we asked Posen.

“She came into my studio for her 30th birthday,” the designer said.

“I needed a birthday gown,” Kardashian said, adding that there are few better ways to celebrate this milestone than springing for a hot dress.

Nearby, Mary Louise Parker was busy talking to the Olsen twins, who have their own clothing line, The Row.

Gallery: CFDA/Vogue Fashion Fund Awards

“I was really excited to see them,” Parker said of the infamous duo. “Usually when people cross over [from Hollywood into fashion] it’s easy to dismiss them. But they’re so smart and cool and I really like their clothes.”

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Jacob Bernstein is a senior reporter at The Daily Beast. Previously, he was a features writer at WWD and W Magazine. He has also written for New York magazine, Paper, and The Huffington Post.