Naming Billy Reid as this year’s winner, the 7th Annual Awards for the CFDA/Vogue Fashion Fund featured Karl Lagerfeld as the keynote speaker. Reid was given the high honors, and a cash award of $300,000. Eddie Borgo and Prabal Gurung were named runners-up, each awarded $100,000. The awards program was created by the CFDA and Vogue magazine to cultivate emerging fashion talents and further careers with cash awards. Gurung has experienced a meteoric trajectory in his fashion career, kicked off while at Parson's interning with Donna Karan, his first official launch for Fall 2010 at Bryant Park, to dressing Demi Moore and Zoe Saldana. Ultimately collectible fashion.