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NEW YORK — The CFDA/Vogue Fashion Fund on Tuesday revealed the 10 finalists for its third round of awards.
This year's finalists are Thakoon Panichgul for Thakoon; Laura and Kate Mulleavy for Rodarte; Georgina Chapman and Keren Craig for Marchesa; Phillip Lim for 3.1 Phillip Lim; Jeffrey Costello and Robert Tagliapietra for Costello Tagliapietra; Milla Jovovich and Carmen Hawk for Jovovich-Hawk; Doo-Ri Chung for Doo.Ri; David Neville and Marcus Wainwright for Rag & Bone; Justin Giunta for Subversive Jewelry, and accessories designer Devi Kroell.
The fund's underwriters are Vogue, Barneys New York, Coach, Juicy Couture, Kellwood Co., Nordstrom and Theory, with additional support from Gucci.
The winner will receive a monetary award of up to $200,000, as well as a year's worth of managerial guidance and support from industry executives. The two runners-up will receive $50,000 each. The winners will be announced at a dinner in November.
"The money is important, but to most of them, the bigger win is the mentoring," said Steven Kolb, CFDA's executive director, who called each designer on Tuesday to inform them they'd made the final 10 from among 101 applications.
Next month, the designers behind each label will meet with members of the selection committee, which consists of several key industry executives, from retailers to editors and designers. They will visit the finalists in their studios and discuss the nature of recent collections with each designer to eventually narrow the list down to three. The selection committee consists of Vogue's Anna Wintour and Sally Singer, Oscar de la Renta, CFDA's Kolb and Lisa Smiler, Barneys New York's Julie Gilhart, Jeffrey's Jeffrey Kalinsky, Coach's Reed Krakoff, Theory's Andrew Rosen and Kellwood's Stephen Ruzow.
Vogue and the CFDA established the fund in 2003 to offer support to young designers both financially and professionally. The fund has been widely lauded for helping young designers in areas such as production, sales, marketing and public relations.
"Fashion is a uniquely challenging business, and it's a peculiarity of the industry that our emerging creative talents are also expected to possess financial wizardry and deep pockets both at once," said Wintour, Vogue's editor in chief, in a statement. "It's our hope that the support that the fund provides will not only enable these relatively new, but promising, American talents to strengthen the foundation of their businesses, but will also help them grow, too."