What Happened: Chanel has launched a new award series as part of its post-pandemic strategy to support the arts. This two-stranded model consists of the Chanel Next Prize, in which ten artists will receive awards of €100,000 each as well as mentorship, and the Chanel Culture Fund, which will work with art and culture institutions to create new programs. This diffused, global approach will ensure the luxury house access to the next generation of creatives as well as the cultural institutions or platforms that exhibit them.
The Jing Take: Investing in younger generations is nothing new for brands. LVMH, Gucci, and Amiri all currently offer prizes or other forms of support. And, this coming April, fashion entrepreneur Wendy Yu will unveil the winner of the Yu Prize at Shanghai Fashion Week. But what is novel about Chanel’s project is its choice to support artists and cultural institutions rather than fashion designers. Prada is known for aligning itself with the art world as a way to build valuable brand equity. This approach is particularly significant for the Chinese market, where such cultural synergy is highly prized.
The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.
