Young designers have until Feb. 4 to submit their applications on the web site lvmhprize.com.
The collection, including six deliveries, will hit selected OVS stores starting from March.
The news comes days after Diane von Furstenberg said she plans to sell a stake in her fashion company.
The Chinese couturier is among more than 100 international artists and designers whose work is being featured in the National Gallery of Victoria Triennial.
The realignment will entail the company to consolidate some of its apps to focus on its two most powerful platforms Runtastic and its relaunched Adidas app.