There’s been much controversy surrounding young designer awards, and whether or not these investments into the fashion industry are worthwhile.
One significant award is the LVMH Young Fashion Designer Prize. Launched in 2013, the LVMH is arguably the most prestigious of its kind as it awards an average of $337,000. The best part about winning? The young designer receives a year of mentoring to designers under 40 who have produced at least two collections.
These prizes seem promising, don’t they? Imagine getting one-on-one experience from one of your favourite designers (nevermind the money that can be thrown into building a production team and growing the company’s marketing influence).
However, many of these prizes lack funding and industry contacts. Money can only stretch so far, and we believe that the networking experience and media coverage is what will truly help theses winners grow years after they have won the contest.
How to fix this? Support the industries that are facing a steady decline. Often times, we – as consumers – forget the buying power that we have. Buy from local retailers, donate to charities and foundations that are Canadian based. If you’re in Toronto, volunteer (like we do!) at the Toronto Fashion Incubator.
You can make a difference. You just need to want to.
Information gathered from Fashionista.