Karl Lagerfeld is as well-known for his witty quotes and skilful retorts as he is for his couture creations, and during the recent 2015 edition of the Hyères International Festival of Fashion and Photography, a VIP crowd walked away with many amusing soundbites. 

One of which in particular really caught our attention, as the 81-year-old white-haired polymath revealed that he blew all of his Woolmark Prize money in 1954. There's humour in irony, as Lagerfeld was speaking at the festival, which went on to award rising design talent Annelie Schubert with the prestigious Première Vision Grand Prize, valued at around 10,000 euros. 

Karl Lagerlfeld reveals he blew all his Woolmark Prize money in 1954

Lagerfeld revealed during his 40-minute talk that back in 1954, when he was awarded the prestigious Woolmark Prize, the then 21-year-old designer spent all of his prize money on clothes after a shopping trip to the Champs-Elysées:

“It was a worldwide contest organized by the international Woolmark company. They had huge posters in cities saying to send sketches if you aren’t a professional. I sent a few sketches, forgot about it. Later, I got a telegram. I was told I won the first for the prize…It was a lot of money…I went immediately in a place in the passage des Champs-Elysées and spent everything on clothes. It was a happy day. There were a few more.”

Karl Lagerlfeld reveals he blew all his Woolmark Prize money in 1954

Discover more of Lagerfeld's masterclass talk at take a look at the pictures from the Hyères Festival here.