Greg Chait of the Elder Statesman is CFDA/Vogue Fashion Fund 2012 Winner!

After five months of endless evaluations, intense challenges, and plenty of nail biting, Greg Chait of the Elder Statesman has been named the winner of the CFDA/Vogue Fashion Fund for 2012, joining the storied ranks of other once up-and-coming American designers including Alexander Wang, Sophie Theallet, and Joseph Altuzarra. The award, which was presented by actress Emma Stone, is one of the most coveted prizes in the industry; not only does the winner receive $300,000 to invest in his label, but he will also receive a yearlong mentorship with an industry veteran to help take his business to the next level. The two runners-up—Jennifer Meyer and Tabitha Simmons—will receive $100,000 and a mentorship as well. The dinner, which was held in New York City, brought out the likes of Chelsea Clinton, Victor Cruz, and Miranda Kerr and featured a keynote speech by Burberry’s creative director, Christopher Bailey, who reminded the crowd of a few vital lessons from his own career including the importance of being yourself. “It’s OK not to fit in,” he said before praising the exposure the Fashion Fund gives young, new, and emerging talent. “It’s a huge privilege for me to be even a small part of it.”