Every year, the LVMH Prize for Young Fashion Designers brings together a pool of 20 budding designers in the fashion industry for a chance to win a grant of 300,000 Euros to kickstart their brand, in addition to mentoring and support from the LVMH group. However, with the effects of the COVID-19 pandemic there have been some changes made to the usual allocation of the grand prize, and the 2020 finalists will no longer be presenting their collections to the expert panel of judges in June.
This year, the prize money will be distributed equally amongst all eight 2020 finalists: Peter Do, Priya Ahluwalia, Casablanca’s Charaf Tajer, Nicholas Daley, Sindiso Khumalo, Tomo Koizumi, Supriya Lele, and Chopova Lowena in an effort to cushion the economic threat posed on young talent and their businesses. Additionally, the LVMH group set up a separate fund to aid the six previous winners of the Prize for Young Fashion Designers as well as the Karl Lagerfeld Prize recipients, which will be supplemented by the 2020 Karl Lagerfeld Prize winnings.
“Since its launch, the LVMH Prize has promoted and nurtured young talent,” said Delphine Arnault, Executive Vice President of Louis Vuitton and member of LVMH’s executive committee. “Each year, it places the spotlight on young designers from all over the world and supports the development of their companies. In this challenging context, this fund in aid of young fashion designers highlights the main mission of the LVMH Prize by supporting our former winners.”
With all candidates earning a piece of the prize, the support acts as an initiative for the fashion industry as a whole to continue to support young designers in their effort to build a more dynamic community.END
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createdAt:Tue, 14 Apr 2020 19:32:00 +0000