Boasting star calibre to rival the Met Gala, the Fashion Awards are perhaps the fashion world's closest equivalent to the Oscars, recognising outstanding talent in the industry. This year, the event has undergone a subtle rebrand, losing 'British' from its name to celebrate fashion on a global scale, and for the first time in the awards' 32-year history, tickets have been available to the public.
Last night's ceremony took place at the iconic Royal Albert Hall in Kensington, with BFC chairman Natalie Massenet promising an event that will be 'bigger and better than ever.' Like the Met Gala, the Fashion Awards has now become a fundraising gala, and tonight's festivities are in aid of a worthy cause: over the next decade, the BFC is aiming to raise £10 million for its Education Foundation, which will provide promising young designers will scholarships to attend fashion colleges and jumpstart their career in the industry.
The 4,000 guests (which included the great and the good of the fashion industry, along with some rising stars from music and film) sipped on Ciroc Vodka martinis, while 60 chefs cooked 14 different dishes for dinner. Fancy, no?
Learn more about what it takes to make the Fashion Awards happen here...
A handful of awards were announced earlier this year: legendary photographer Bruce Weber received the Isabella Blow Award for Fashion Creator, while American designer Ralph Lauren was presented with the Outstanding Achievement Award in recognition of his 'outstanding legacy.'
In the hotly contested International Model category, sisters Gigi and Bella Hadid went head to head, joined by their close friend Kendall Jenner, Lineisy Montero and Adwoa Aboah.
See all the highlights from the night in the video below.
Outstanding Achievement Award: Ralph Lauren
The American designer is recognised for his long-standing contribution to the fashion world, with an award presented by Mr. David Beckham.
International Ready-to-wear Designer Award: Demna Gvasalia for Balenciaga
It's an impressive double win for Gvasalia, who is also a creative director for Vetements. His award was presented by Carine Roitfeld and Stella Tennant.
International Accessories Designer Award: Alessandro Michele for Gucci
He may not have been at the Italian fashion house long, but Michele has transformed Gucci into the one of the most coveted labels on the planet, with legions of A-list devotees. Just one of them is actor Jared Leto, who presented Michele with his award tonight.
International Model Award: Gigi Hadid
It's official: 2016 has been the year of Gigi Hadid. A well deserved win for the model of the moment, who beat her younger sister Bella and close pal Kendall Jenner in this hotly contested category.
New Fashion Icons Award: Jaden and Willow Smith
Say what you like about the Smith offspring - they certainly have a unique and eclectic sense of style, causing them to catch the eye of the likes of Chanel's Karl Lagerfeld and Louis Vuitton's Nicolas Ghesquiere.
International Urban Luxury Brand: Vetements
Given that they've been the most talked about brand of the year, it's no surprise that Vetements have proved victorious at the Fashion Awards.
British Brand Award: Alexander McQueen
A well-deserved win for Alexander McQueen - creative director Sarah Burton rarely leaves the Fashion Awards empty-handed...
International Business Leader Award: Marco Bizzarri for Gucci
Appointed as Gucci's president and CEO back in 2014,it was Bizzarri's decision to hire creative director Alessandro Michele, kick-starting the brand's renaissance.
Isabella Blow Award For Fashion Creator: Bruce Weber
Legendary photographer Bruce Weber has shot everyone from Kate Moss to David Bowie - you'll instantly recognise his signature black and white images. He receives his award from James Jagger and fellow photographer David Bailey.
British Womenswear Designer Award: Simone Rocha
Known for her romantic, feminine designs with a modern edge, Simone's shows are predictably one of London Fashion Weeks hottest tickets. She was up against Christopher Kane, Sarah Burton for Alexander McQueen, Jonathan Anderson for J. W Anderson, and Roksanda Ilincic.
British Menswear Designer Award: Craig Green
Green's eponymous label beat off competition from Grace Wales Bonner, Tom Ford, J. W. Anderson and Vivienne Westwood.
Swarovski Award For Positive Change: Franca Sozzani
Franca has edited Vogue Italia since 1988, and was presented with her award by designer Tom Ford.
Emerging Talent Award: Molly Goddard
Molly's fluoro-coloured tulle designs have been worn by a host of A-listers, from Rihanna to Alexa Chung. Model Agyness Deyn even chose to walk down the aisle in a custom creation from the London based designer. Read Grazia's interview with Molly.
Catch up on the nominations for the Fashion Awards 2016 here.
We'll be keeping you updated on the winners throughout the night, so watch this space...
Watch our video of the red carpet below.