The French luxury giant has announced the creation of the LVMH Young Fashion Designer Prize and enlisted some of the biggest names in the fashion business to judge the prize.

LVMH is offering one lucky emerging talent the chance to win €300,000 as well as business advice from a crack team of LVMH executives. The competition is open to both men’s and womenswear designers, but they must be aged under 40, and have presented and sold at least two ready-to-wear collections.

Budding designers can apply online from Thursday and the first winner will be announced in May 2014.

Jury members include eight big-hitting creative directors from the company’s different fashion houses: Nicolas Ghesquière (Louis Vuitton), Marc Jacobs (Marc Jacobs), Karl Lagerfeld (Fendi), Humberto Leon and Carol Lim (Kenzo), Phoebe Philo (Céline), Raf Simons (Dior) and Riccardo Tisci (Givenchy).

They will be joined by LVMH bigwigs Delphine Arnault, Jean-Paul Claverie (advisor to Bernard Arnault and head of corporate philanthropy for LVMH) and Pierre-Yves Roussel (Chairman and CEO of the LVMH Fashion Group). “As a leader in our industry, we have a responsibility to discover young talents and to help them flourish,” explained Delphine Arnault.

There’s also an additional prize for young fashion graduates. The jury will pick 3 recently-graduated design talents who will win €10,000 and will also get the chance to work within LVMH design teams.

Budding designers still have time to apply online here, with the final entries set to close on February 2.