LVMH Moët Hennessy Louis Vuitton is throwing its considerable weight behind a new award for burgeoning design talent.
Getting support from those established in the industry is invaluable for fledgling creatives and the winner of the inaugural LVMH Young Fashion Designer Prize will be getting the nod from the most prestigious heads in the business, with the group calling together an eight-person designer jury comprising Nicolas Ghesquière, Marc Jacobs, Karl Lagerfeld, Kenzos Humberto Leon and Carol Lim, Phoebe Philo, Raf Simons and Riccardo Tisci to preside over the inaugural award.
Theyll be joined by Delphine Arnault, Jean-Paul Claverie advisor to Bernard Arnault and head of corporate philanthropy for LVMH and Pierre-Yves Roussel, chairman and CEO of the LVMH Fashion Group.
Needless to say, the prize promises to be groundbreaking in terms of its concept, content and international scope. The winner will receive 300,000 euros around £250,000 to invest in their business, and receive personalised assistance for a year from a special LVMH team in developing their company. Three graduate students will also receive year-long work placements at LVMH.
The LVMH Prize has been created to support promising young fashion designers, says LVMHs Delphine Arnault. This philanthropic initiative resonates powerfully with the core values of our Group.
Our designers will recognise the talents of tomorrow, who will receive awards and support in developing their brand. Our goal is clearly to energize the vitality and creativity of the fashion world on a global scale.
As a leader in our industry, we have a responsibility to discover young talents and to help them flourish.
Applications are being accepted as of now until 2 February 2014 at lvmhprize.com, and entrants should be designers under 40 years old who have presented and sold at least two womens or mens ready-to-wear collections.