The designers behind the British brand will receive mentoring for a 12-month period, as well as a £200,000 grant.

Congratulations are in order for designers Peter Pilotto and Christopher de Vos of British fashion house Peter Pilotto for winning this year's British Fashion Council/Vogue Designer Fashion Fund (the British version of the CFDA/Vogue Fashion Fund).

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The winning designers, who were up against Emilia Wickstead, House of Holland, Mary Katrantzou, Osman and Zoe Jordan, will take part in a bespoke, high-level mentoring program for a 12-month period, and receive a £200,000 grant.

"Christopher and Peter are deserved winners of this year's fund award. They have remained true to their vision of a print- and color-focused brand but have managed to expand and grow the business to a level where they can now compete on an international stage. It's a pleasure to be able to support them," said Alexandra Shulman, British Vogue editor and chair of the BFC/Vogue Designer Fashion Fund, in a statement.

The exciting news comes just before the arrival of Pilotto's upcoming Target collaboration, which will hit stores Feb. 9.