It’s little surprise that fashion wunderkind Alexander Wang was chosen as the fifth CFDA/Vogue Fashion Fund recipient. After-all, after only one year of schooling at Parsons, the New York-based designer launched his critically acclaimed eponymous collection and since has rapidly garnered a cult following.

Wang’s win means he now follows in the footsteps of previous winners — Rogan in 2007, Doo-Ri Chung in 2006, Trovata in 2005, and Proenza Schouler in 2004 and will now have an extra $200,000 and a year’s worth of business mentoring from an industry insider. As for the first runner-ups — Lisa Mayock and Sophie Buhai of Vena Cava and Albertus Q. Swanepoel of Albertus Quartus — they will each receive $50,000 and a business mentor as well.

The winners were chosen from a prestigious committee of fashion power players which consisted of CFDA president Diane von Furstenberg; CFDA executive director Steven Kolb and associate director Lisa Smilor, Anna Wintour and Sally Singer of American Vogue, Theory’s Andrew Rosen, Coach’s Reed Krakoff, Jeffrey Kalinsky of Jeffrey New York and Nordstrom, Gap’s Patrick Robinson, and Julie Gilhart from Barneys New York.

With the good comes the bad as the wins came at the loss of finalists Richard Chai, Jason Wu, Irene Neuwirth, Alejandro Ingelmo, Juan Carlos Obando, Obedient Sons & Daughters, and Organic. Luckily, past runners-ups have included 3.1 Phillip Lim, Philip Crangi Jewelry, Rodarte, Thakoon, and Derek Lam all of whom have continued on to great success.