Finalists for the 2016 CFDA/Vogue Fashion Fund announced

The next generation of finalists for the CFDA/Vogue Fashion Fund were announced on Wednesday night at the Proenza Schouler store in SoHo. The honors were done by Jack McCollough and Lazaro Hernandez, the designers of Proenza Schouler, who are past CFDA/VFF winners.

The 10 finalists are Adam Selman, Beckett Fogg and Piotrek Panszcyk of Area, Laura Vassar and Kristopher Brock of Brock Collection, Chloe Gosselin, Ji Oh, Stirling Barrett of Krewe du Optic, Morgan Curtis of Morgan Lane, Maryam and Marjan Malakpour of Newbark, Laura Chandler and Joshua Cooper of Rochambeau, and Chris Stamp of Stampd.

The winner of the CFDA/VFF stands to receive a 400,000 dollar prize, and the two runners-up take home 150,000 dollars each. The winners will be announced on November 7 at a Gala dinner in New York.

The 2016 CFDA/Vogue Fashion Fund Finalists have been announced

To compete for the prize, designers are put through an intense set of challenges by the selection committee, which includes Ken Downing, Mark Holgate, Steven Kolb, Anna Wintour, Diane von Furstenburg, and Jenna Lyons. This year's program is done in partnership with Japanese fast-fashion brand Uniqlo. One of the design challenges is underwritten by Intel, and a fashion show staged at Chateau Marmot in Los Angeles is underwritten by Kate Spade New York.

While the past three seasons of the CFDA/VFF were filmed, and aired by Amazon last year after they purchased "The Fashion Fund" from Conde Nast Entertainment, it has not been disclosed yet as to whether or not this season will be televised.

In his final statement, McCollough told the finalists "Good luck. You have your work cut out for you."

photo via CFDA website