LVMH have announced that they are introducing a new award to celebrate start-up brands.
Sundayworld.com reports that the luxury conglomerate launched its LVMH Prize to support and recognise young designers back in 2013, with past winners including Marta Marques and Paulo Almeida of Marques’Almeida, Thomas Tait and Simon Porte Jacquemus of Jacquemus.
Now, the luxury group has announced its plans for the LVMH Innovation Award, which will be presented to a company participating in the Viva Technology event taking place in Paris in June.
Bernard Arnault, chairman and CEO of LVMH, launched the conference Viva Technology with his Groupe Les Echos media group and Publicis last year. LVMH, the parent of high-end labels such as Louis Vuitton and Kenzo, set up a Luxury Lab during the event to advise start-ups on the challenges of running a luxury business, with 5,000 hopefuls attending to learn more about the industry and meet experts.
“I think, in our group, the start-up spirit is key for the success of management. I mean, even in a large brand, we should keep the proprietary spirit of the founder and it’s where we have the link between the heritage and the future, and it’s key for success,” Arnault told the audience at a press conference at the Elysee presidential palace in Paris earlier this week.
“Now you also have the digital world with e-commerce and with a lot of evolution inside the skills.”
Arnault also shared his desire to see France become a significant location in the world of start-ups. It was his son Alexandre, co-CEO of luggage company Rimowa, who inspired the new honour during a conversation with Ian Rogers, chief digital officer of LVMH.
The winner will be selected from a series of pitches and announced during the Viva Technology show and then the successful candidate will be invited to meet LVMH groups in charge of private equity investments to discuss forming a relationship, whether it be a partnership or mentoring.
By Cassandra Murnieks
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