Young Fashion Designers–Supporting young designers, LVMH has launched a new prize to be awarded annually. Called the LVMH Young Fashion Designers Prize, each year, a designer under forty, who has presented and sold at least two men’s or women’s ready to wear collections, will be awarded a grant of 300,000 euros as well as promotional assistance from LVMH to establish their company. The first recipient will be chosen by a panel of Delphine Arnault, Jean-Paul Claverie (advisor to Bernard Arnault and head of corporate philanthropy for LVMH), Pierre-Yves Roussel (Chairman and CEO of the LVMH Fashion Group) as well as creative directors coming from LVMH’s fashion houses: 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). Applications can be submitted from now until February 2, 2014 at http://www.lvmhprize.com/ and the winner will be announced in May 2014. Three fashion graduates will also be afforded to join the design team of a LVMH brand for one year.