LVMH wants to help fashion designers impacted by COVID-19
The luxury conglomerate, Moet Hennessy Louis Vuitton (LVMH), has set up a solidarity fund to help young fashion designers impacted by COVID-19. This new aid fund is serving as an alternative to LVMH’s annual Prize for Young Designers that was scheduled for June 5.
The main prize was €300,000 ($336,000) but will now be split between eight finalists earning €40,000 ($44,000) with open applications being accepted until July 31. They will also be offering an alternative to the runner-up Karl Lagerfeld Prize with a cash endowment of €150,000 ($168,000) that is funneled into the Fund in Aid of Young Fashion Designers.
The grant will benefit 13 previous winners of both the main award and its runner-up contestants. Each contestant entry will be examined by the LVMH Prize team according to the difficulties encountered, situation, and specific needs of each brand regarding COVID-19.