Congrats to Billy Reid! The industry veteran, whose story of triumph, retreat, and comeback is one for the fashion books, has been awarded the CFDA Fashion Fund Prize. He’ll receive $300,000 to put towards the growth of his already-impressive business, which includes menswear, womenswear, collaborations with K-Swiss and Levi’s, as well as several retail boutiques.

Runners up Prabal Gurung and Eddie Borgo received $100,000 each. The prizes were upped significantly this year–by $100,000 for the winner, $50,000 for the runners-up. All three designers also received a Rachel Feinstein-designed trophy.

This year, the Fashion Fund’s partner was J.Crew, with additional support from American Express, Appleman Foundation, Barneys New York, Coach, Juicy Couture, Liz Claiborne Inc., Lord & Taylor, L’Oréal Paris, Nordstrom, Theory, and Vogue.

A gaggle of stars, from Carrie Mulligan to Leighton Meester, were in attendance. We’ll post our picks for best dressed tomorrow morning. Another congrats to Billy, Eddie, and Prabal!