A hoarding wrapped around the front of Kensington’s Victoria & Albert Museum advertises, “a new residential development at a prime cultural heritage location”. It is a joke, by artists Michael Elmgreen and Ingar Dragset, linked to their exhibition ‘Tomorrow’. Indeed, the museum is safe from the developers and free to host events such as the 2013 WGSN Global Fashion Awards, which took place at the world’s largest museum of decorative arts and design on October 30.

G-Star, Acne Studios, Oliver Spencer and Topshop were among this year’s prize-takers. Hall of Fame winner was Christopher Bailey, chief creative officer, Burberry.

G-Star Raw was named Best Denim Design Team, a prize sponsored by denim weaver Isko. Acne Studios won for Menswear Design Team, with Oliver Spencer beating off Christophe Lemaire and Dries van Noten to win Menswear Designer. Topshop snatched Best Multi-Channel Retailer.

Also in the retail category, theoutnet.com won Best E-Store – the site began as an outlet store for Net-A-Porter, which won Best Buying Team. Best Store went to Tsvetnoy Central Market, the Moscow department store whose buying mix spans high street and high end, including Alexander McQueen and Adidas.

Looking to the future, a new award was created for Emerging Fashion Brand: sponsored by Avery Dennison, whose business runs the gamut from label-making to high-speed manufacturing, the winner was Emma J Shipley, a new luxury label that blends fine art with luxury printed scarves. The Lycra Future Designers Award was won by Lucy Gardner, a student at the UK’s Falmouth University, for a collection inspired by cycling and The Beatles’ Yellow Submarine. Meanwhile, the Sustainable Design Team went to Spain’s Jeanologia, who create clean, green denim.

The Global Fashion Awards, organized by fashion forecaster WGSN, recognize talent in design “across the globe” – though especially in Europe and the UK. Not one of the winners is based in Asia, and only the winner of the Kidswear Design Team, Gap Kids & Baby, is sited in the Americas.

The Awards, now in their fourth edition, are judged by a panel of 50 judges. These included the fashion designer Giles Deacon, Sakes Fifth Avenue fashion director Eric Jennings and the photographer Rankin.