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 French luxury house’s latest initiatives to support the arts include a €1 million ($1.2 million) prize fund and a new suite of partnerships with cultural institutions aimed at promoting progressive exhibitions as museums and art galleries reopen.
As part of the Chanel Next Prize, 10 artists will receive awards of €100,000 each, intended to fund arts projects and help them access mentorship and networking opportunities that the brand helps facilitate. The Chanel Culture Fund, meanwhile, will work with art and culture institutions — including London’s National Portrait Gallery, The Underground Museum in Los Angeles, Centre Pompidou in Paris, and GES-2 in Moscow — to create new programmes that aim to, for example, enhance the representation of women or promote new ecologies for sustainable cities. The programme will take place over three years, as Chanel’s institutional partners begin to craft their post-pandemic reopening plans.
Luxury brands and parent companies have offered prizes to emerging creatives and collaborated with museums on collections for years, as they tend to help deepen brand awareness and build equity. For example, LVMH enacted its eponymous Prize in 2014 while Gucci created its Changemakers Scholarship to help nurture and support nascent fashion talent in 2020. Rather than focusing singularly on fashion creatives, however, Chanel said it is taking a broader view.
”Rather than having a singular strategy for selecting artists, it’s a very diffused model in terms of going to the expertise globally, harnessing those networks, figuring out how we can make that bridge with our own platforms and those artists and then coming up with this next generation of 10 individuals who we may not even know exist, but will bring into the house to have that kind of curated alumni network and then further knowledge exchange,” Yana Peel, Global Head of Arts & Culture at Chanel, told BoF.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.