LVMH announces an award in tribute to Karl Lagerfeld

The winner will be given €150,000 and a year of professional training with LVMH.

The legendary fashion designer Karl Lagerfeld has become the subject of a new annual fashion award. The prize? No less than 150,000 euros as well as a one-year training programme with LVMH - the world's largest luxury group, owner of the Louis Vuitton and Dior houses, among others. The prize, formerly known as the LVMH Special Jury Prize, will be renamed in honour of the designer.

"Karl Lagerfeld, Creative Director at Fendi since 1965, has been participating in this award since its launch," said Delphine Arnault, Director and Vice President of the Louis Vuitton House, in a statement. "He was totally committed to it from day one, bringing his enthusiasm and energy, sharing with everyone, with other members of the jury or with the candidates, his culture and his passion for fashion. We will cherish these precious moments forever."

Lagerfeld was a member of the LVMH jury for many years, winning the prestigious International Woolmark Prize in 1954.

The winner of the Karl Lagerfeld Prize will receive substantial financial support and will be guided by a team of experts for one year in areas such as intellectual property, research, production, distribution, image, communication and marketing. The ceremony will reveal its finalists on 4th September at the Louis Vuitton Foundation in Paris.