Canceling Prize Final, LVMH launches Solidarity Fund for emerging labels under its shutter

By Kritika Mehra

on April 16, 2020

After raising funds for the global pandemic of COVID-19, LVMH i.e. Louis Vuitton Moet Hennessy is now trying to help all the new, emerging brands in its orbit.

Launching a solidarity fund instead, LVMH has canceled the final of the seventh edition of its prize which was scheduled for June 4.

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Special Announcement As a result of the Covid-19 pandemic, the final of the 7th edition of the LVMH Prize for Young Fashion Designers, originally scheduled on 5th June 2020 at the Louis Vuitton Foundation, has been cancelled. This year, the allocation of the LVMH Prize will be awarded to the eight finalists of the 2020 edition who were selected by the committee of Experts during the semi-final on 27th and 28th February 2020. The 300,000-euro award will be distributed equally among the finalists. The health crisis poses an economic threat to young talent. That is why the LVMH Prize has set up a Fund in aid of young fashion designers that will notably be supplemented by the 2020 Karl Lagerfeld Prize allocation. In virtue of the bond of solidarity within the LVMH Prize community, this Fund will benefit all the winning designers and their brands awarded with the LVMH Prize for Young Fashion Designers and the Karl Lagerfeld Prize over the six previous editions, upon application. Details of the program will be provided at a later date. Delphine Arnault declares: “Since its launch, the LVMH Prize has promoted and nurtured young talent. 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.” #lvmhprize #lvmhprize2020

A post shared by LVMHPrize (@lvmhprize) on Apr 14, 2020 at 6:03am PDT

Young brands are very fragile, and every euro, every bit of help counts for the survival of the business. We are offering not just financial aid, but also advice, logistics and mentoring to the community of former prize winners. We will study each case individually," said Jean-Paul Claverie, LVMH advisor.

Well, what are your thoughts?

(SOURCE: WWD)