Phillip Lim takes a bow during his 5th Anniversary runway show in China.

Phillip Lim has been having quite the moment of late. In the most recent issue of Fortune magazine, Lim, along with his business partner Wen Zhou, was named one of the top 40 businessmen under 40-years-old. And that's not all the 37-year-old designer is celebrating.

This past weekend the young talent touched down in Beijing where he celebrated the fifth anniversary of his super successful company with an epic fashion show at the storied Dong Bian Men Watchtower (it dates back to 1436) of the Forbidden City Wall.

"I feel honored to be given this opportunity to show in China," Lim said in a statement. "In fashion you are always thinking about what is next. But to be able to take a moment to reflect and to do so in the place where your family history lies, [is] a truly humbling and wonderful experience."

Lim, whose parents are from China and who spent some of his childhood in Asia, is the first international designer of his generation to show in the country. (Heavyweights such as Fendi and Christian Dior staged runway shows at the Great Wall and Shanghai, respectively.)

For the occasion, he sent a mix of men's and women's Spring 2011 looks down the runway, along with five nude gowns inspired by the traditional Qi pao garment, some embellished with glittering beads. (See StyleList's review of Lim's Spring 2011 collection).

"I like to explore the delicate balance between polarities: elegance and youth, classic with the unexpected and simple gestures that are grand," Lim said of the collection.

Zhou, who is also of Chinese heritage, added: "We have had an amazing journey, and we feel fortunate to have found great friends and partners that have made this show in China possible."

Congrats to Lim and Zhou on their mini-milestone!

In related news: check out the fresh beauty looks at Lim's Spring 2011 show in New York.