The winner gets € 150,000 and one-year career guidance.

The late fashion designer&nbsp;Karl Lagerfeld&nbsp;will be honored with an annual fashion award, where a novice designer will earn &euro; 150,000 and a one-year orientation program with&nbsp;LVMH, the world&#39;s largest luxury conglomerate and owner of brands like&nbsp;Louis Vuitton&nbsp;and&nbsp;Dior. The award - formerly called the Special Award - will be renamed in honor of the designer.

&quot;Karl Lagerfeld,&nbsp;Fendi&#39;s&nbsp;creative director since 1965, has been involved in the award since its launch,&quot;&nbsp;Delphine Arnault, director and vice president of Louis Vuitton, said in a statement.&nbsp;&quot;He was committed to it from day one, carrying us with his enthusiasm and energy, sharing with everyone, whether with other jury members or candidates, his culture and passion for fashion. We will always appreciate these precious moments.&quot;

Lagerfeld served as a member of the LVMH jury for years, earning a prestigious youth award from the&nbsp;International Wool Secretariat&nbsp;in 1954, which probably led to his enthusiasm for such recognition.

The&nbsp;Karl Lagerfeld Prize&nbsp;winner will receive a fund and will be guided by a team of experts for one year in areas such as intellectual property, research, production, distribution, image, communication, and marketing.

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LVMH Announces Fashion Award Honoring Karl Lagerfeld

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