Kristopher Brock and Laura Vassar Brock have much reason to celebrate: Brock Collection was just crowned the winner of the 2016 CFDA/Vogue Fashion Fund.

Stirling Barrett of Krewe du Optic and Adam Selman were named runners-up at the thirteenth annual CVFF dinner at Spring Studios on Monday evening, which was generously supported by L’Oréal Luxe.

As part of their prize, the Brocks are taking home $400,000, while Barrett and Selman each receive $150,000.

The monetary awards are designed to encourage and enable these emerging talents to pursue their design plans. Additionally, the winners will each meet regularly with an assigned business mentor based on their specific needs for business expertise and resources.

Keynote speaker Michael Kors announced the winners with Zendaya.

“Each year, the CFDA/Vogue Fashion Fund identifies the most promising designers who are creative and have great business potential,” said CFDA President and CEO Steven Kolb. “This year is no exception.”

Keep checking CFDA.com for additional coverage – we’ll have the inside scoop on the designers, celebrities and winner’s reactions here!