The CFDA just announced the ten finalists in the running for the CFDA/Vogue Fashion Fund, and Michelle Obama's new fashion darling, Sophie Theallet, is one of them!

WWD reports that the finalists are: Natalie Chanin of Alabama Chanin, Waris Ahluwalia of House of Waris, George Esquivel of Esquivel Shoes, Gary Graham, Simon Spurr of Spurr, Monique Péan, Wayne Lee of Wayne, Flora Gill and Alexa Adams of Ohne Titel, Patrik Ervell and Sophie Theallet, who scored a fashion coup when Mrs. O wore her white sundress in Ghana.

First launched six years ago, the CFDA/Vogue Fashion Fund offers young American designers a cash prize of $200,000 (winner) and $50,000 (two runners-up) along with business mentoring.


Past winners have included Alexander Wang (last year's winner), Trovata and Proenza Schouler's Lazaro Hernandez and Jack McCollough.

The financial climate has been rough on well-established fashion houses (look at Lacroix!), so you can imagine the obstacles facing young designers.

Which is why this year's Council of Fashion Designers of America and Vogue Fashion Fund will be that much more make or break for some of the up-and-coming style stars.

The finalists will have to wait four (long) months until the winner and runners-up are announced on Nov. 16.

Good luck fashion finalists!