02/01/2012 11:27 am ET

BFC/Vogue Fashion Fund 2012 Award Goes To Jonathan Saunders (PHOTOS)

Colorful hats off to Scottish designer Jonathan Saunders, winner of the coveted BFC/Vogue Fashion Fund.

British Vogue announced Saunders' Tuesday night win, for which he was awarded the prestigious title of winner but also 200,000 euros to invest in his booming business.

"I am delighted that Jonathan has won this year's award," said Vogue UK editor Alexandra Shulman. "His recent collections have shown that he is a designer who can provide beautiful clothes that women enjoy wearing and he is in a great position to build on his current success."

Good position indeed -- Saunders has already won the Elle Style Award in 2008 and Scottish Designer of the Year in 2010 and 2011. But the BFC/Vogue Fashion Fund award (equivalent to the U.S.'s CFDA/Vogue Fashion Fund award, awarded to Joseph Altuzarra in 2011) is a major honor for Saunders, particularly because of his competitions.

Also nominated were Peter Pilotto, Mary Katrantzou, Richard Nicoll, Roksanda llincic, Marios Schwab, Zoe Jordan, Meadham Kirchhoff and Nicholas Kirkwood, all extremely popular and well-respected designers.

Roksanda llincic has been embraced by a group of celebrities as diverse as Lady Gaga and Kate Middleton and It-Girls like Hailee Steinfeld, Keira Knightley and Alexa Chung have stepped out in Mary Katrantzou's colorful prints.

Then again, Saunders can count not one but two first ladies as his fans: Michelle Obama and Britain's Samantha Cameron.

Check out Saunders' Spring 2012 runway show below and go to to read more.

Jonathan Saunders S/S 12