In a move of solidarity, the luxury group will also set up a fund to support young designers during this period of crisis

One of fashion&rsquo;s most coveted awards is being repositioned for 2020 in the wake of the global health crisis and its impact on the industry. The LVMH Prize, which was set to announce its winner on June 5, has been cancelled. Instead, the &euro;300,000 endowment will be distributed evenly between the eight finalists.

This year&rsquo;s extraordinarily gifted talent pool comprises Priya Ahluwalia of Ahluwalia, Charaf Tajer of Casablanca, Emma Chopova and Laura Lowena of Chopova Lowena, Nicholas Daley, Peter Do, Supriya Lele, and Tomotoka Koizumi of Tomo Koizumi. Due to show their collections in front of a panel of experts including Virgil Abloh, Nicolas Ghesqui&egrave;re, and Rihanna, each designer will now receive a sum of &euro;40,000 to help them battle the existential threat posed by the pandemic.

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And in a further move of solidarity, LVMH has also established a fund to support other young designers during this critical period. Repurposing its Karl Lagerfeld Prize, the money will go towards helping both previous winners and runners-up from the past six editions, giving the likes of Marine Serre and Grace Wales Bonner the opportunity to request aid. While the exact amount has not yet been disclosed, the Karl Lagerfeld Prize typically comes in an endowment of &euro;150,000.

&ldquo;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,&rdquo; said Delphine Arnault, the executive vice president of Louis Vuitton and the founder of the Prize, in a statement. &ldquo;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.&rdquo;

This Year Everyone's A Winner As LVMH Splits Prize Money Between All 8 Finalists

L'OFFICIEL SINGAPORE — November 2024

L’OFFICIEL SINGAPORE — October 2024

L’OFFICIEL SINGAPORE — September 2024

L’OFFICIEL SINGAPORE — August 2024

L’OFFICIEL SINGAPORE — June-July 2024

L'OFFICIEL Singapore — May 2024

L'OFFICIEL Singapore — April 2024

L'OFFICIEL Singapore — March 2024

L'OFFICIEL Singapore — February 2024

L'OFFICIEL Singapore — Dec 2023/Jan2024

This Year Everyone's A Winner As LVMH Splits Prize Money Between All 8 Finalists

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