05/28/2014 01:04 EDT | Updated 07/28/2014 05:59 EDT

London-based Canadian designer Thomas Tait wins inaugural LVMH Prize

PARIS - Canadian designer Thomas Tait has been crowned winner of the lucrative LVMH Young Fashion Designer Prize.

The London-based designer was among 12 finalists for the inaugural award. The contest was open to designers under age 40 who have created at least two women's or men's ready-to-wear collections.

The prize was awarded by the LVMH Group, the luxury goods conglomerate which includes fashion brands Louis Vuitton, Celine and Givenchy.

Tait completed his studies at LaSalle College in Montreal, and went on to earn his master's degree from Central Saint Martin's College of Art and Design in London.

He will receive a lucrative grant of 300,000 euros (approximately C$443,000) and also benefit from personalized assistance from LVMH teams for 12 months after the prize award, in such areas as intellectual property, marketing, production and distribution.

A message posted on Tait's Twitter account on Wednesday read: "Couldn't be happier!!!"