By: Abigail Richards

The annual CFDA/Vogue Fashion Fund dinner took place on November 13, and the biggest names in the industry got together to celebrate. TheDailyBeast.com reports the event is in its ninth year and works to provide money and mentoring to promising up and coming designers. The night also showcases the top designers in the fashion industry and honors them with various awards.

Ten finalists were up for the top awards of the night and ultimately, Greg Chait, a knitwear designer, won for his collection, The Elder Statesman. Runners-up included Tabitha Simmons, a former stylist who branched out to create fancy footwear. Jewelry designer Jennifer Meyer, who is the wife of actor Tobey Maguire, was also a runner up. She thanked her grandmother for teaching her to love jewelry making at the tender age of 6, the news source reports.

Praise was not all these hardworking individuals earned, they will all be honored with business mentoring and monetary gifts as well. Chait was given $300,000, while Simmons and Meyers received $100,000 each to continue their crafts.

The Fashion Fund was created after the September 11 attacks, when the terrorist strike left New York and specifically young designers in the area with less income and support than they had before, according to the Council of Fashion Designers of America's website.