LVMH announces the launch of the LVMH Young Fashion Designers Prize. The LVMH Young Fashion Designers Prize is designed to celebrate a young designer recognised for exceptional talent. LVMH will also recognise three recent fashion school graduates, offering the opportunity to join the design team at an LVMH brand for one year. For the LVMH Prize, the Group has asked eight creative directors from its Fashion Houses to select the most promising young fashion designer each year. The members of the jury for the first edition of the prize in 2014 will be composed of eight creative directors from LVMH Fashion Houses including Nicolas Ghesquière (Louis Vuitton), Marc Jacobs (Marc Jacobs), Karl Lagerfeld (Fendi), Humberto Leon and Carol Lim (Kenzo), Phoebe Philo (Céline), Raf Simons (Dior) and Riccardo Tisci (Givenchy). The winner will receive a grant of €300,000 as well as personalised assistance from a special LVMH team in developing their company for a period of 12 months. The LVMH Prize is open to designers under 40 years old who have presented and sold at least two women’s or men’s ready to wear collections. Applications will be accepted from now until February 2, 2014, exclusively online. The inaugural winner will be announced in May 2014.