Celebrity starlets were out in full force at last night's CFDA/Vogue Fashion Fund gala. Atlanta-based designer, Billy Reid, took home the grand prize - a $300,000 cash infusion and mentorship with a leading industry professional. Runners-up (and taking home $100,000) were Eddie Borgo and Prabal Gurung.

Joining esteemed designers at the event included Leighton Meester, Blake Lively, Mary Louise Parker, Carey Mulligan, Christina Ricci, Mary Kate & Ashley Olsen, Anna Paquin, Ed Westwick, Chace Crawfrod and Kim Kardashian. Click through the gallery below to see what the designers' dates wore to the event.

Reports are circulating that Mary-Kate Olsen is rapidly running through her money, even though the star brings in an reported $40 million annually.  As a noted style icon and fashion consumer, it's no surprise that a large contributor to her woes are her clothing and jewelry habits.  I can't blame her for coveting the latest styles, and if I had a large sum of cash I'd throw it at the latest designer goods as well.  Any financial queries aside, Mary-Kate pulls off a stellar editorial in September's issue of Elle UK.  View the full spread in the gallery below.