Luxury conglomerate LVMH has opened registrations for the 2024 edition of its renowned prize for young talent, the LVMH Prize for Young Fashion Designers. In a surprising development, LVMH has introduced a new award, the Savoir Faire Prize, alongside the existing LVMH Prize and Karl Lagerfeld Prize.

Launched in 2013, the LVMH Prize targets fashion designers aged 18 to 40 globally, requiring a minimum of two ready-to-wear collections. Delphine Arnault, LVMH executive, expressed delight in the 11th edition, announcing the addition of the Savoir Faire Prize to celebrate artisanal excellence, innovation, and sustainable fashion.

The Savoir Faire Prize marks LVMH’s inaugural recognition of excellence in craftsmanship, technical innovation, and sustainability. It aims to promote transmission skills and will distinguish a young brand selected from the finalists. The judging panel for this prize will be unveiled soon.

All three prizes offer significant rewards. The LVMH Prize winner receives €400,000 and personalized mentoring, the Karl Lagerfeld Prize winner receives €200,000 and a year of LVMH mentoring, and the Savoir Faire Prize is valued at €200,000 plus mentoring.

The LVMH prizes have a history of discovering young talent, with past winners including S.S. Daley, Nensi Dojaka, Jacquemus, and Grace Wales Bonner. Registration for the 2024 edition is open until January 7, 2024, with the semi-final set for February 29 to March 1 during Paris Fashion Week. The final date is yet to be announced.

LVMH will release a documentary covering the first decade of the prize on YouTube on November 8, 2023, created by fashion cineaste Loïc Prigent. The introduction of the Savoir Faire Prize adds a new dimension to LVMH’s commitment to nurturing emerging talent and celebrating craftsmanship in the fashion industry.