Congratulations to Marta Marques and Paulo Almeida of Marques'Almeida who have won the second annual LVMH prize, announced today at a ceremony at the Louis Vuitton Foundation, the new Frank Gehry-designed art museum.

The pair, who are both Portuguese and Hackney based, receive a rather handy 300,000 euros and a year of mentorship from executives at LVMH Moët Hennessy Louis Vuitton. Jacquemus won the special jury prize of 150,000 euros and one year of coaching.

The competition this year was tough – Marques'Almeida were up against seven other finalists, a group of just about every buzzy-newcomer fashion has to offer right now.

Those nominated were: British menswear designer Craig Green who moved an audience to tears with his menswear. Faustine Steinmetz, a Parisienne based in London who has been known to spend a month hand-weaving a pair of trompe 'l'oeil jeans. There was Simon Porte Jaquemus of Jaquemus, the French designer injecting some fun into the Paris fashion scene. Then there was the already much-loved and secretive Vetements along with Milan-based Arthur Arbesser and Virgil Abloh of Off-White label.

Now to see what Marta and Paulo do come September.

Read our interview with Marques'Almeida from our sister magazine Tank here. And visit the designers in their studio when they were just starting out.