"My only regret is that the first year's awards were too few. I have seen too many talented designers and we hope to reward more participants in various ways," Yu says, adding that the award was launched to mainly support local independent designers.

Some international awards "do not understand the Chinese market and our designers, which limits their growth", she says.

"Our fashion industry and business environment are developing rapidly, and domestic designers have gradually matured," she says. "We have seen the transformation from 'made in China' to 'created in China'. Our creative designers and brands need to have influence at home and also globally."

Yu cites Susan Fang as an example. Fang, the winner of the Piaget Creative Pioneer Award of the Yu Prize, got the opportunity to participate in a short video coproduced by Vogue and Piaget.

The Yu Prize 2022 kicked off in October during Shanghai Fashion Week.

"Many designers have started to sign up and submit materials to attend the competition. Shanghai Fashion Week and fashion experts have also recommended designers," Yu says.

The prize can foster cutting-edge designers with commercial viability, as well as focus on sustainable development and social values, she adds.