The LVMH Group has established the LVMH Prize to support promising young designers. While LVMH has long been committed to discovering new talent in various ways, the new prize aims to inject new energy, diversity, and vitality into the fashion industry. Applications have already begun, and as of November 27, approximately 150 designers have applied.

The "Young Fashion Designers" prize is open to designers from around the world. Applicants must be under 40 years old and have presented at least two collections. In addition to a cash prize of 300,000 euros, winners will receive technical and management support for one year after receiving the prize. This support covers all areas necessary for running a brand, including human resources, production, distribution, image and advertising strategy, and marketing.

In addition, a "Graduate" prize has been established for fashion school students graduating within the next year. Three winners will receive 10,000 euros each and the opportunity to work for one year as part of the design team of an LVMH brand. The application period for both awards runs until February 2nd of next year. 30 candidates will be selected, and then a selection committee including internationally renowned journalists, stylists, and buyers will select 10 finalists. The final selection committee consists of eight leading creative directors in the fashion world, including Nicolas Ghesquiere, Marc Jacobs, Karl Lagerfeld, Phoebe Philo, Raf Simons, and Riccardo Tisci. The winners will be announced in May 2014.