The eight finalists for the 2020 LVMH Prize for Young Fashion Designers were scheduled to present their collections to a jury of top designers on June 5, but due to the Covid-19 pandemic, the event has been canceled. On Tuesday, a press release revealed that instead of picking a winner to receive 300,000 euros, the eight finalists will each receive 40,000 euros.
Additionally, the runner-up Karl Lagerfeld Prize, which usually comes with a gift of 150,000 euros, will be put into a fund in aid of young fashion designers. The decision on behalf of LVMH to set up a financial support system for young sartorial talent is similar to that of the Council of Fashion Designers of America, which turned its CFDA/Vogue Fashion Fund initiative into a grant.
This year's finalists were an impressive bunch of forward-thinking designers who were chosen based on both their creativity and commitment to creating clothes that don't harm the environment. The list includes womenswear designer Tomo Koizumi, who's candy-colored organza dresses captivated New York Fashion Week-goers during the Fall 2019 season, as well as the second-ever South African finalist Sindiso Khumalo, and the first-ever Bulgarian finalist, Chopova Lowena.
Not only will these designer benefit from the fund, but the press release states that former winners of the LVMH Prize for Young Fashion Designers and the Karl Lagerfeld Prize over the six previous editions will be eligible to receive financial support upon application.
"Since its launch, the LMVH Prize has promoted and nurtured young talent," Delphine Arnault said in an official statement. "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, the Fund in aid of young fashion designers highlights the main mission of the LVMH Prize by supporting our former winners."