After numerous worldwide fashion weeks were cancelled due to the coronavirus pandemic, it was recently announced that this year’s LVMH Prize will have no winner.
The young designer competition, which was supposed to be taking place at the Fondation Louis Vuitton in Paris on June 5th, will instead have finalists Ahluwalia, Casablanca, Chopova Lowena, Nicholas Daley, Peter Do, Sindiso Khumalo, Supriya Lele and Tomo Koizumi share the €300,000 (approximately $328,000) prize money equally.
The French fashion conglomerate has also pledged to support previous winners with a new fund available for brands such as Thebe Magugu, Doublet, Marine Serre, Wales Bonner, Marques Almeida, Thomas Tait and Miuniku. LVMH hasn’t disclosed details about the size of the fund. The six previous winners of the LVMH Karl Lagerfeld Prize will also be eligible for support.
“Since its launch, the LVMH Prize has promoted and nurtured young talent,” said Louis Vuitton Executive Vice President Delphine Arnault in an official statement. “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.”
The news seems to be a ray of hope in an industry which over the course of the past two months has been affected by store closures, supply chain disruptions and a lowered consumer demand.
Hopefully, this, like the initiative taken by Camera Nazionale Della Moda and the British Fashion Council will be able to help a growing number of independent fashion labels which over the course of the next few weeks and months will be facing increasingly problematic challenges.