Until now the CFDA Fashion Awards has been one of the most prestigious and sought after accolades for young designers to win—that is until this Thursday when Louis Vuitton Moët Hennessy got into the game. Launching the LVMH Young Fashion Designer Prize this year, the fashion giant has created the award in an effort to celebrate and nurture new talent around the world. With several honors available and opportunities offered to graduates that are rarely given, the contest is one of the first to award on such a large international level.
Eight designers from the LVMH brands will hold the honor of judging the competition including Nicolas Ghesquire (Louis Vuitton), Marc Jacobs (Marc Jacobs), Karl Lagerfeld (Fendi), Humberto Leon and Carol Lim (Kenzo), Phoebe Philo (Celine), Raf Simons (Dior) and Riccardo Tisci (Givenchy), in conjunction with Delphine Arnault (Executive Vice President of Louis Vuitton), 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).
The contest is open internationally to all designers that have produced at least two collections and are under the age of 40. The winner will receive €300,000 for their brand as well as a full year of personalized support from the LVMH team including information on intellectual property, stages of production and distribution, image and advertising, marketing, etc. For students in their final year of design school, the graduate prize winners will receive a €10,000 grant and a one year design team internship at a LVMH fashion house.
The idea behind the new LVMH prize is the seeking out and cultivate of young talent—to foster creativity and consistently breathe new life into the industry. LVMH is now accepting candidate applications on their website through February 2, 2014 and 10 finalists will be chosen by the panel by March. The winner of the LVMH Young Fashion Designer Prize will be announced in late March of 2014.