Fashion forward

The Yu Prize, co-promoted by investment company Yu Holdings and Shanghai Fashion Week, announced its first winner in April after being launched in October last year.

Standing out among over 70 domestic designers, 30-year-old Chen Peng, who graduated from London College of Fashion, won this year's prize with his namesake fashion brand, which he launched in London in 2015. Chen was given a cash award of 1 million yuan ($156,400).

Yu Wanwan, 31, who founded Yu Holdings in 2017, says: "I believe that anyone who has participated in the Yu Prize can feel the uniqueness of this creative award－not only the financial support it gives, but also further support from the industry."

For example, OTB, the international fashion group that owns brands such as Diesel, will give Chen guidance to help him interact with the market, says Yu, who is a member of the Met Gala Committee in New York and the UCCA Foundation Council in Beijing.

As well as launching a new collection at Harrods, the Qatari-owned luxury department store in London, Chen has received opportunities to showcase his brand, Chenpeng, at the Paris and Shanghai fashion weeks.

Yu Holdings has supported him with consultation, resource allocation and promotion, the company says.

"The Yu Prize is not only an award but also a great platform, which gives young Chinese designers like me the opportunity to expand internationally," says Chen. "Winning this helps us further develop our business, especially in e-commerce."

Chen was among top eight finalists for the H&M Design Awards in 2017.

Sixteen contestants were finally shortlisted for the 2021 Yu Prize. The jury consisted of nearly 30 leading figures from the fields of fashion and art, including Simon Collins, co-founder of WeDesign and former dean at Parsons School of Design; Lauren Indvik, fashion editor of the Financial Times; Chabnam Nouri, CEO of Piaget; and Lyu Xiaolei, deputy secretary-general of Shanghai Fashion Week.

In addition to the main prize, another four awards for creativity were given to encourage young designers.

"My only regret is that the first year's awards were too few. I have seen too many talented designers and we hope to reward more participants in various ways," Yu says, adding that the award was launched to mainly support local independent designers.

Some international awards "do not understand the Chinese market and our designers, which limits their growth", she says.

"Our fashion industry and business environment are developing rapidly, and domestic designers have gradually matured," she says. "We have seen the transformation from 'made in China' to 'created in China'. Our creative designers and brands need to have influence at home and also globally."

Yu cites Susan Fang as an example. Fang, the winner of the Piaget Creative Pioneer Award of the Yu Prize, got the opportunity to participate in a short video coproduced by Vogue and Piaget.

The Yu Prize 2022 kicked off in October during Shanghai Fashion Week.

"Many designers have started to sign up and submit materials to attend the competition. Shanghai Fashion Week and fashion experts have also recommended designers," Yu says.

The prize can foster cutting-edge designers with commercial viability, as well as focus on sustainable development and social values, she adds.