The late designer Karl Lagerfeld will be celebrated with an annual fashion prize, where a budding designer will win €150,000 and a one-year mentorship programme with LVMH. The award – which was previously called the Special Prize – will be renamed in honour of the designer.
“Karl Lagerfeld, creative director of the house of Fendi since 1965, was involved in the prize since its launch,” Delphine Arnault, director and vice president of Louis Vuitton told WWD. “He was fully committed to it since day one, transporting us with his enthusiasm and his energy, sharing with everyone, whether other jury members or candidates, his culture and his passion for fashion. We shall always cherish those precious moments.”
Lagerfeld worked as a member of the jury for the LVMH prize for years, having won a prestigious award in his youth, from the International Wool Secretariat in 1954, which likely led to his enthusiasm for such recognition.
The winner of the Karl Lagerfeld prize will receive a fund and will then be guided by an expert team for a year, who will help inform them in areas such as intellectual property, sourcing, production, distribution, image, communication and marketing.
This article originally appeared on Harper’s BAZAAR UK.