LVMH is inviting previous Prize for Young Designers winners to apply for additional funding from the fashion conglomerate.
The annual prizegiving usually sees one young designer scooping a top prize of $336,000 (£270,000) and a year-long mentorship from LVHM, while the runner-up takes home the $168,000 (£135,000) Karl Lagerfeld Prize.
In April, the company revealed it was cancelling the final of the 2020 prize in light of Covid-19, deciding to instead share the prize money between all eight finalists, giving them $45,000 (£36,000) each.
Now, it has been revealed that the money from the Karl Lagerfeld Prize will go towards the Fund in Aid of Young Fashion Designers, which will be supplemented by additional prize budget money.
A total of 13 previous winners of both the main award and runners-up prizes will benefit from the help, upon application.
“Each fund request will be examined by the LVMH Prize team and appraised according to the situation, the difficulties encountered and the specific needs of each brand in the wake of Covid-19,” LVMH representatives said in a statement on Friday.
Executive vice president of Louis Vuitton, Delphine Arnault, who launched the prize in 2013, further elaborated on the new fund.
“In these challenging times, the mission of the LVMH Prize in support of young talent is more critical than ever. The Fund in Aid of Young Fashion Designers allows the winners to temporarily benefit from essential help in order to sustain their creativity and their brands,” Arnault said.
Previous winners include Grace Wales Bonner, Marques’Almeida, and Thomas Tait.
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