This year marks the sophomore year of the annual LVMH Prize, and the Portuguese design duo, Marques' Almeida, made up of Marta Marques and Paulo Almeida, have beaten out the seven other hopeful finalists to win the coveted prize. 

The pair take home €300,000 to put towards their label's next collection as well as a priceless year of coaching and mentorship from executives at LVMH Moët Hennessy Louis Vuitton, the world's largest luxury group and sponsors of the prize.

Natalie Portman, made the trip from Cannes, where she was recently spotted front row at the De Grisogono party, to Paris to present the award to Marques and Almeida during a ceremony at the Louis Vuitton Foundation. All of the finalists spent the morning before the grand prize ceremony, presenting their collections to the jury, which was largely made up of LVMH star designers including; Karl Lagerfeld, Marc Jacobs, Nicolas Ghesquière, Raf Simons, Phoebe Philo, Riccardo Tisci, Jonathan Anderson, and Kenzo creative directors Humberto Leon and Carol Lim.

A special jury prize went to Paris based, Jacquemus, who was among the finalists for his womenswear collection, bestowing €150,000 and one year of coaching on the French designer. As reported by Buro 24/7 Middle East, Sebastien Meyer and Arnaud Vaillant, the French duo behind the Paris-based Coperni women's label, who had been shortlisted for this year's prize after gaining huge momentum for their own label, had withdrawn from the competition after being named artistic directors for Courrèges.

Congratulations to Marques' Almeida for their win. Click here for details on the seven other finalists that were in the running.

Marques’ Almeida’s Marta Marques and Paulo Almeida won the second annual LVMH Prize