Earlier this year, iconic fashion designer Karl Lagerfeld passed away. Yesterday, French luxury group LVMH confirmed that its Special Prize will pay tribute to the late designer and henceforth be named the Karl Lagerfeld Fashion Prize. 

Since the launch of the LVMH Prize in 2014, Lagerfeld participated in the awards jury. “He was fully committed to it since Day One,” Delphine Arnault told WWD, speaking on Lagerfeld’s contribution to the prize’s success. “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.”

Future winners of the Karl Lagerfeld Fashion Prize will receive mentorship for a year, as well as 150,000 euros. Next Thursday, September 4, the annual LVMH Prize for Young Designers ceremony will take place in Paris and jury members include Marc Jacobs, Nicolas Ghesquière, Clare Waight Keller and Jonathan Anderson.