British fashion brand Peter Pilotto has won the inaugural Swarovski Collective Prize for Innovation and received €25,000 in prize money. The prize celebrates 15 years of Swarovski's platform to support young designers in the industry. According to a report by WWD, Christopher De Vos and Peter Pilotto beat other luxury labels the likes of Marques'Almeida, Mary Katrantzou and Iris van Herpen to snag the top prize.

"Christopher and Peter presented two beautiful collections which showcased the versatility of our product and how it could be incorporated into, as well as complement, their own strong brand signature," said Nadja Swarovski, a member of the executive board at Swarovski. "It's been interesting to watch them experiment so successfully with our crystals over the past two seasons. In addition, we were also very pleased to see the evolution that has taken place in their own collections recently, and to be a part of that process."

The two will put the prize money to good use by investing in fabric research and manufacturing, as well as increasing the suppliers they work with and experimenting with new techniques for their upcoming collections.