New York fashion week's hottest rising star Alexander Wang has scooped the prestigious CFDA (Council of Fashion Designers of America)/Vogue fashion fund award, it was announced yesterday. Established in 2003 to help American design talent succeed, the prize fund consists of a staggering $200,000 plus the chance to meet regularly with a team of business mentors assembled to meet the designer's specific needs. With most young designers struggling to stay afloat at the moment, this advice could well prove to be more valuable than the cash. The judging panel included American Vogue Editor in Chief Anna Wintour and legendary fashion designer Diane von Furstenberg, whose label has survived decades of financial ups and downs to become an ubër desirable fashion brand worldwide. Wang's autumn/winter 2008 show (Much praised by fashion insiders and much loved by the handbag.com fashion team), spearheaded the grunge goth revival currently filling rails all over the high street, and his denim oriented spring/summer 2009 show drew similarly rave reviews. No doubt we'll be seeing a lot more of Wang in years to come if the list of past winners and runners up including Proenza Schouler, Doo Ri, Phillip Lim, Thakoon, Derek Lam and Rodarte are anything to go by. Belinda White

www.cfda.com

Picture: Alexander Wang