LVMH Prize cancel its 2020 final; and creates fund for young designers
The LVMH Prize for Young Fashion Designers has called off the final of this year’s event, and instead plans to direct its prize money into a fund for young designers, in the latest cancellation due to the Covid-19 pandemic.
The LVMH Prize, fashion’s single largest award for young designers, had been scheduled for June 5 at the Louis Vuitton Foundation in Paris. This would have been its seventh final.
Instead, the 300,000-euro prize money will be distributed among the eight finalists, who were chosen by the Committee of Experts of 68 noted fashion professionals during the semi-final on February 27 and 28 inside LVMH’s headquarters.
“The health crisis poses an economic threat to young talent. That is why the LVMH Prize has set up a Fund in aid of young fashion designers that will notably be supplemented by the 2020 Karl Lagerfeld Prize allocation,” the giant luxury group explained in a release.
This fund is designed to benefit all winning designers and their registered brands – both of the LVMH or the Karl Lagerfeld Prize – as of the last six years. Previous winners and runner-ups have included such stars as Grace Wales Bonner, Jacquemus, Marine Serre and Marques'Almeida
“Since its launch, the LVMH Prize has promoted and nurtured young talent. Each year, it places the spotlight on young designers from all over the world and supports the development of their companies,” said Delphine Arnault, the main driving force behind the award.
“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,” added Arnault, scion of the family that controls LVMH, which includes such legendary brands as Louis Vuitton, Christian Dior, Fendi, Marc Jacobs and Givenchy.
In effect, this year’s eight finalists will receive an award of 40,000 euros each. They are Priya Ahluwalia of Ahluwalia, Charaf Tajer of Casablanca, Emma Chopova and Laura Lowena of Chopova Lowena, Nicholas Daley, Peter Do, Sindiso Khumalo, Supriya Lele and Tomotaka Koizumi’s Tomo Koizumi label.
As for the Karl Lagerfeld Prize, which comes with a cash award of 150,000 euros, it will go directly into the fund for young designers.
The jury for the final has grown over the years, and altered as designers have joined or departed the LVMH fold. This year’s panel included Rihanna, Virgil Abloh and Stella McCartney.
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