LVMH is offering a €300,000 prize as well as business advice to an emerging designer, adjuged by a panel of jury members that includes some of the biggest names in fashion from the various brands it owns, e.g. 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).

The competition is open to both menswear and womenswear designers, aged under 40, and must have had presented and sold at least two ready-to-wear collections. Those interested can apply online at http://www.lvmhprize.com/ and the first winner will be announced in May 2014.

There will be a gradual elimination process to find the ultimate winner with 30 semi-finalists flown to Paris during Paris Fashion Week in March 2014 to show their creations at the LVMH headquarters. A committee of buyers, editors and stylists will eliminate 20 contestants to 10 finalists. The final 10 would make a presentation to the jury as part of the final round.