Since 2013 the LVMH Prize has been offering young designers the chance to take their dreams and turn them into a reality. Now in it's third year, the finalists, which are selected by a panel of international fashion experts, sees newly appointed judges added to the line-up including supermodel Karlie Kloss, Founder of Buro 24/7, Miroslava Duma and Christian Dior's Creative and Image Director, Peter Philips. They join a now 40-strong team, which inclues Suzy Menkes, Natalie Massenet, Franca Sozzani, Natalia Vodianova and Emmanuelle Alt.

Speaking about the awards, Delphine Arnault, Executive Vice President of Louis Vuitton says, "The third edition of the LVMH Prize for Young Fashion Designers confirms the group's commitment to helping young designers. Much more than an award, it creates a context for an exchange of ideas and communication in which emerging talents can learn from established experts how to develop their brands and careers. It is our responsibility as leaders of our industry to identify the talents of tomorrow and help them grow."

The final jury Karl Lagerfeld, Marc Jacobs, Nicolas Ghesquière, Céline's Phoebe Philo, Givenchy's Riccardo Tisci and Kenzo designers Humberto Leon and Carol Lim.

Karlie Kloss joins 2016 LVMH Prize panel

The inaugural winner of the LVMH Prize was Thomas Tait from Canada, while last year's winner was Portuguese design duo Marta Marques & Paulo Almeida Marta. Now, a select group of aspiring designers will present their visions to the prestigious judging panel in March 2016 at Paris Fashion Week, in the hope of winning a Dhs1,200,00 grant.