Last night Burberry's Chief Creative Officer Christopher Bailey announced the three finalists for Fashion Fringe. As the sole judge and 2012 Chairman of the program, he chose Haizhen Wang, Teija Eilola and Vita Gottlieb as the three lucky finalists.

The names were revealed at a reception at Horseferry House (aka Burberry HQ), where Bailey was interviewed by Colin McDowell. Of choosing the finalists, he said,

"Everyday I am amazed at the sheer amount of creativity that Britain is generating. So it really is an honour, in partnership with Fashion Fringe, to be able to give these Finalists the opportunity to spend the summer doing what they love and honing their craft. I cannot wait to see the fruits of their hard work in September - this really is just the beginning of their journey."

Throughout the summer, the finalists will be mentored by industry experts, including the team at Burberry. They will also receive financial support and studio space at the London College of Fashion in order to create their Fashion Fringe collections, which will show in September during London Fashion Week.

For the three finalists, this is a unique chance to make their mark on the London fashion industry. Previous recipients of the Fashion Fringe award include big names like Corrie Nielsen, Erdem, Basso & Brooke and Aminaka Wilmont.

The winner will be chosen at the Fashion Fringe show at London Fashion Week in September, and will receive a two year development package to help set up and grow their business.