Watch out CFDA/Vogue Fashion Fund, you’ve got competition.
Luxury giant Moët Hennessy Louis Vuitton is launching an international contest for young designers with the fashion industry’s biggest names selecting the winner, Women’s Wear Daily is reporting.
Chanel’s Karl Lagerfeld, Christian Dior’s Raf Simons, Celine’s Phoebe Philio, Givenchy’s Riccardo Tisci, plus former and present Louis Vuitton creative directors Marc JacobsandNicolas Ghesquière, respectively, will join Kenzo’s Humberto Leon and Carol Lim, in their hunt for labels to shill in their Opening Ceremony stores. This is where LVMH’s fashion prize differs from the CFDA/Vogue Fashion Fund, the contest will operate on a global scale where the semifinalists would fly to Paris to showcase their wares in the LVMH’s auditorium of its Avenue Montaigne headquarters.
From there “an expert committee of buyers, editors, and stylists to tour the temporary showroom, meet the designers, and vote to whittle down the group to the 10 finalists who are to make 20-minute presentations to the jury,” WWD reported, for a grand prize of 300,000 euros, or $405,000 plus a year of coaching.
To be eligible, all designers must between the ages of 18 and 40 and are required to ahve presented and sold at least two collections of women’s or men’s ready-to-wear. Applications are online-only at lvmhprize.com and will close February 2nd. The winner will be announced toward the end of May 2014.
It must be said, with such access to powerhouse brands, this was brilliant on the part of LVMH. “We thought, ‘Who better than the designers of the group to elect the young fashion designer of tomorrow?” Delphine Arnault told WWD. “The aim of this prize is to discover talents that are unknown, and also, to create a surprise.”
“There is nothing more important in our business than hearing young creative voices, giving them strength, confidence, and attention,” Tisci said. “I was given an amazing chance at a very young age, so this means a lot to me.”
Well done, LVMH, well done.