LVMH has announced they are renaming their special fashion prize in honour of late designer Karl Lagerfeld.
The fashion designer and creative director of luxury brand Chanel - who passed away in February at the age of 85, after battling ill health for several weeks - will have the LVMH's Special Award renamed after him.
Speaking about his work with the prize, which will see an aspiring designer bag £136 000 (about R2.5-million) and a one-year mentorship with LVMH, Delphine Arnault, director and vice president of Louis Vuitton, told WWD.com: "Karl Lagerfeld, creative director of the house of Fendi since 1965, was involved in the prize since its launch.
"He was fully committed to it since day one, transporting us with his enthusiasm and his energy, sharing with everyone, whether other jury members or candidates, his culture and his passion for fashion.
"We shall always cherish those precious moments."
In June, the world's biggest names in fashion, including Gigi Hadid, Claudia Schiffer, Valentino Garavani, Ralph Lauren, Stella McCartney and US Vogue's editor-in-chief Anna Wintour, attended a commemorative ceremony at the Grand Palais - the venue of Karl's Chanel shows since 2005 - to honour the late icon.
The special event featured the work of Chanel, Fendi and the designer's own eponymous-titled brand.
Tilda Swinton, Dame Helen Mirren and Cara Delevingne were among those to pay tribute to Karl at the 'Karl For Ever' event.