LVMH Announces New Young Designer Prize With An All-Star Jury

Pictured, clockwise from top left: Nicolas Ghesquiere, Marc Jacobs, Karl Lagerfeld, Humberto Leon & Carol Lim, Riccardo Tisci, Raf Simons, Phoebe Philo.

The luxury group LVMH just announced the launch of the LVMH Prize, a new competition for young fashion designers.

To form the jury, LVMH tapped some of the biggest names in the industry:

Karl Lagerfeld at Chanel, Riccardo Tisci at Givenchy, Raf Simons, Phoebe Philo at Chloe, Humberto Leon and Carol Lim of Kenzo and Opening Ceremony, former Louis Vuitton creative director Marc Jacobs, and his freshly-appointed replacement, Nicolas Ghesquiere.

Contrary to similar grants like the CFDA/Vogue Fashion Fund, the LVMH Prize is a global competition open to any menswear or womenswear designer regardless of nationality and residence. To be eligible, you need to be between 18 and 40 years old, and have at least two collections under your belt.

In addition to a hefty EUR300,000 ($404,000) cash prize, the winner will receive one year of mentorship within the LVMH group.

There are also three EUR10,000 prizes to be handed to current and recent fashion school students, along with a one-year employement contract with a LVMH brand.

Applications are now open through February 2, 2014, and designers can submit their work online at LVMHprize.com, where internet users will be able to comment on their favorite entries and share them on social media.

To your keyboards!

For more information, go to LVMHprize.com