According to the IMF, the Coronavirus economic toll will be the worst downturn since the Great Depression. Naturally, the fashion industry is going to be no exception.
The LVMH group has committed to fighting Coronavirus. Firstly, the group donated funds to hospitals and charities and produced masks and hydro alcoholic gel. But with the LVMH prize ceremony (which was scheduled to be held on June 5) having been cancelled, LVMH decided to move things up a gear.
In a bid to strengthen its support for fashion’s next-gen talent, LVMH has decided to split this year’s prize money with all eight finalists— Charaf Tajer of Casablanca, Priya Ahluwalia of Ahluwalia, Supriya Lele, Tomotaka Koizumi of Tomo Koizumi, Emma Chopova and Laura Lowena of Chopova Lowena, Nicholas Daley, Peter Do, and Sindiso Khumalo will now receive €40,000 each.
On top of this, LVMH has come up with a stimulus plan to save young independent brands, which could face bankruptcy with department stores and boutiques not opening anytime soon. Named the Karl Lagerfeld Prize, this €150,000 prize money is dedicated to helping previous winners and runners up, like Marine Serre or Jacquemus.
“Each year, it places the spotlight on young designers from all over the world and supports the development of their companies. 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”, said Delphine Arnault, the Executive Vice President of Louis Vuitton and founder of the Prize in a statement.