The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The conglomerate created a digital platform to showcase the semi-finalists’ collections, which will be available on LVMH Prize’s website from April 6 to 11. For the first time visitors using the platform will be able to vote for their favourite designer.
Semi-finalists include Christopher John Rogers, who won the 2019 CFDA/Vogue Fashion Fund and Charles de Vilmorin, creative director of Simone Rocha, among several new emerging talents including Saul Nash and Bianca Saunders. The international annual prize attracted over 1,900 candidates and for the first time among the 20 semi-finalists include designers from Albania (Nensi Dojaka) and Colombia (Kika Vargas).
”This semi-final will be entirely digital, and we wanted it to be open to as many people as possible: for the first time, the LVMH Prize will give the floor to the public,” said executive vice president of Louis Vuitton and founder of the LVMH Prize Delphine Arnault.
The winner will receive a €300,000 prize and mentorship for a year within LVMH. Similarly, the winner of the Karl Lagerfeld prize will receive €150,000 and a year of mentorship.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.