The 21-year-old appeared thrilled to receive the award, which was presented to her by Donatella Versace.
It had been one of the most hotly anticipated awards of the night, as Gigi went head to head not only with her younger sister, but her best friend Kendall Jenner. The trio were joined on the shortlist by British model Adwoa Aboah and Lineisy Montero, who have also had incredibly successful years in their respective careers.
Gigi made a stunning appearance at London's Royal Albert Hall wearing an Atelier Versace outfit featuring Swarovski crystal detailing. The model teamed the ensemble with strappy silver sandals and wore her hair slicked back into a tight bun.
Gigi's mum supported her at the ceremony
She was supported at the ceremony by her mum Yolanda Hadid, who looked glamorous in a bright blue halterneck gown. However Bella was noticeably absent. The 20-year-old has been spending time in Europe since her appearance in the Victoria's Secret Fashion Show in Paris, and on Sunday revealed that she had made a flying visit to Amsterdam to see family.
But while they may have been shortlisted for the same award, there is no sibling rivalry between Gigi and Bella. Speaking to HELLO! Fashion Monthly backstage at the Victoria's Secret Fashion Show, Bella said Gigi is her best friend, and revealed how much it means for them to share experiences together.
"My sister is my comfort zone so any time I need her she's right there she's my best friend, she'll tell me her honest opinion about something, she's not going to BS anything," Bella told us. "It's amazing that I have her here because there's nobody else in the world I'd want to share this with except for her. I can literally look at her and she calms me down."