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The Tiffany & Co. National Designer Award has unveiled a new treasure.

PAGEANT has been named as the winner at of the prestigious award last night at the Virgin Australia Melbourne Fashion Festival (VAMFF).

Victorian designer duo behind the label, Amanda Cumming and Kate Reynolds, were presented with a $10,000 cheque and a custom-designed trophy from Tiffany & Co.

In addition, the pair will be flown to New York by Virgin Australia to meet the Tiffany & Co. design team.

This year's five finalists included bùl, Emma Mulholland, macgraw, and Verner.

VAMFF CEO Graeme Lewsey believes that the award, which has launched the careers of Romance Was Born, Josh Goot and STRATEAS.CARLUCCI, can drive success in the industry.

"The National Designer Award sure has an impressive alumnus. This year's Festival is profiling many and we are thrilled to now induct PAGEANT into this prestigious line up. I'd also like to especially note the extraordinary calibre of all finalists – you all made it very challenging for the judges this year."

Tiffany & Co. Australia vice president and managing director Glen Schlehuber said that the the award was well deserved.

"Amongst an outstanding level of finalists this for this year's Tiffany & Co. National Designer Award, PAGEANT stood out for their excellence in design and fashion innovation. We look forward to seeing the rise of PAGEANT over the ensuing seasons."

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