Luxury group LVMH has added a new prize to its Young Fashion Designers competition, one focused on savoir-faire, writes Leatherbiz.

Its new Savoir-Faire Prize will be part of the 2024 competition, for which entries are now open. LVMH will present the new award next year, alongside the existing awards, the LVMH Prize and the Karl Lagerfeld Prize.

The group said it would select a winning brand from among the 2024 finalists as the inaugural winner of the Savoir-Faire Prize “to reward excellence in craftsmanship, technical innovation at the service of creativity, and a more sustainable approach to fashion”.

It will give the winner an endowment of €200,000, plus a year’s mentorship with LVMH design teams. There will be a similar award for the winner of the Karl Lagerfeld Prize, while the winner of the the LVMH Prize for Young Fashion Designers will receive €400,000 and “tailored mentorship” from LVMH teams in fields such as sustainable development, communication, corporate legal aspects, marketing, manufacturing and financial management.

Next year’s will be the eleventh edition of the competition. Brands have until January 7 to apply.