2010 CFDA/Vogue Fashion Fund Winners Billy Reid, Prabal Gurung, and Eddie Borgo Come Home with Newly-Increased Cash Prizes

Billy Reid, Anna Wintour, Karl Lagerfeld, Prabal Gurung, Diane von Furstenberg, Eddie Borgo

>> Last night, the 2010 CFDA/Vogue Fashion Fund winners were announced, but before they could be named during the dinner gala at New York's Skylight Studios, the results were leaked on WWD's Twitter: Billy Reid won outright, and Prabal Gurung and Eddie Borgo were both named runners-up.

Style.com's Nicole Phelps wrote that the results were a bit of a surprise: "Many in the audience had pegged Gurung and Joseph Altuzarra as the front-runners." But nevermind: the prizes were even bigger this year, with Reid granted $300,000 (up from $200,000), and Borgo and Gurung each taking $100,000 (up from $50,000). "The main prize is the mentoring we provide," CFDA president Diane von Furstenberg noted of the increase, "but a little cash never hurts."

The rest of this year's finalists — Christian Cota, Robert Geller, Oliver Helden and Paul Marlow of Loden Dager, Pamela Love of Pamela Love Jewelry, Moss Lipow and Gregory Parkinson — were treated to a keynote speech by Karl Lagerfeld, who talked about how much fun Yves Saint Laurent was "before Pierre Berge" and advised: "Young goes. But good? If you're good, it may all last."