The Fashion Fund is sponsored by the Gap, American Express, Barneys New York, Coach, L’Oreal Paris, Nordstrom and Theory amongst countless others. The 10 finalists include Alexander Wang, the NY based designer launched his collection in 2004, full of clean sleek tailoring conveying that “off-duty model” look; Irene Neuwirth, showcases uniquely modern and sophisticated jewellery; Jason Wu, whose collection focuses on modern evening dressing with the spirit and detailing of haute couture; Richard Chai has worked for Donna Karen, Marc by Marc Jacobs before becoming creative Director at the Ailing brand TSE, his designs are sophisticated wearable and quietly feminine.
Last week the CFDA/Vogue Fashion Fund selection committee met with each of the finalists to review their current collections and conduct in-depth interviews involved visits to the design studios of the finalists. The 10 members of the 2008 CFDA/Vogue Fashion Fund selection committee include Julie Gilhart (Senior Vice President/ Fashion Director, Barneys New York); Sally Singer and Anna Wintour (Fashion News Director and Editor-in-chief, US Vogue); Diane Von Furstenberg (President, CFDA and renown designer) amongst many other sponsors of the Fashion Fund.
The winner of Fashion Fund will be announced at a gala dinner in NYC on November 17 where they will receive up to $200 000 whilst the 2 runners-up receive up to $50 000. These cash prizes will be used to further develop each designers business in such areas as marketing, public relations, production and sales. Rather than just offering cash to the emerging designers, a panel of CFDA/Vogue Fashion Fund corporate funders and industry professionals offer mentorship to the winners whose expertise are tailored to each designers goals and needs.
To further assist the overall finalists the Fashion Fund set up the Business Advisory Committee last year to review the designers in order to provide a more focused business perspective and targeted feedback on their future potential in the fashion business. The seven finalists without cash prizes will therefore be able to use BAC as an ongoing resource for mentoring and guidance. Members of BAC include Susan Davidson (Creative Design Studio), Josh Sparks (Rockwood Management) and Paula Sutter (Diane Von Furstenberg) along with other household names in the fashion business.
“I am particularly determined to extend the guidance that the Fund provides to all of our finalists both current and past, with the ongoing growth of the BAC. The Fund is such an important investment in the vitality, creativity, and excellence of American fashion; the CFDA, Vogue, and all of our generous sponsors are honoured to recognize this new and talented group.”
CFDA Executive Director, Steven Kolb
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