Burberry also won Brand of the Year at the ceremony held at The Royal Courts of Justice in London on Wednesday night.
Burberry, which runs 122 retail outlets, 255 concessions, 90 franchise stores and an e-commerce business in over 25 countries reported better than expected second-quarter revenue forecasts last month, helped by demand for handbags, leather goods and snoods.
It said it expected to open about 15 mainline stores over the full year, at the top end of its previous guidance.
Bailey has previously been recognized at the British Fashion Awards with the Menswear Designer of the Year award in 2008 and 2007 and with the Designer of the Year award in 2005.
He is responsible for the design of all Burberry collections and products, as well as all advertising, corporate art direction, architectural design, multi-media content and overall brand image for Burberry.