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.