The British Fashion Council (BFC) has announced the names of the 2012 Fashion Forward winners which includes Henry Holland, Louise Gray and Mary Katrantzou among womenswear designers and James Long in the menswear section.

The winners will reportedly receive sponsorship for showcasing in two consecutive seasons in London.

"I'm so excited to receive the Fashion Forward sponsorship for 2012! It's really important to have that support and it's testament to the strength of London Fashion Week and the BFC's initiative to nurture talent and help designers build an established business," said Greek fashion designer Katrantzou.

Founded six years ago, the Fashion Forward award provides funding to talented emerging British designer businesses to show and develop their business in London.

Previous winners of the award include names like Christopher Kane, Erdem, Giles Deacon and Jonathan Saunders, who have all made it big in the industry today. "The recipients for this year's Fashion Forward sponsorship are an exceptionally talented group of designers. 2012 is set to be a momentous year not only for fashion industry but the UK and I am looking forward to seeing Henry, Louise, James and Mary, taking strides forward in their business development. Menswear in London will be put in the spotlight this year making now the perfect time to introduce a menswear prize to Fashion Forward," stated Caroline Rush, CEO, British Fashion Council.

The final winners of the event were chosen by a panel of judges which included former Harvey Nichols buying director Averyl Oates and BFC CEO Caroline Rush among others.