PARIS — LVMH Moët Hennessy Louis Vuitton has set up its solidarity fund in aid of young fashion designers, and is welcoming applications until July 31.
The luxury conglomerate revealed in April that it was pivoting its annual Prize for Young Designers in response to the coronavirus crisis.
LVMH canceled the final, initially scheduled for June 5. Instead of vying for a main prize of 300,000 euros, the eight finalists will each receive 40,000 euros, said Jean-Paul Claverie, an adviser to LVMH chairman and chief executive officer Bernard Arnault, and head of corporate philanthropy at the company.
The beneficiaries 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 Tomotoka Koizumi of Tomo Koizumi.
Meanwhile, the runner-up Karl Lagerfeld Prize, which usually comes with a cash endowment of 150,000 euros, has been funneled into the Fund in Aid of Young Fashion Designers, which will be supplemented by additional prize budget money. The grant will benefit the 13 previous winners of both the main award and its runners-up, 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 said in a statement on Friday.
Launched in 2013 and spearheaded by Delphine Arnault, second-in-command at Louis Vuitton and a key talent scout at the luxury group her family controls, the LVMH Prize has previously been awarded to Thebe Magugu, Doublet, Marine Serre, Grace Wales Bonner, Marques’Almeida and Thomas Tait.
It has also boosted the careers of its runnerup special-prize winners: Rokh, Kozaburo Akasaka, Vejas, Jacquemus, Hood By Air and Miuniku. Last year, the special prize was renamed the Karl Lagerfeld Prize in honor of the late fashion designer, who was a judge on the LVMH Prize panel. Its first recipient was Israeli designer Hed Mayner.
“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.