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ANDAM, the National Association for the Development of the Fashion Arts, has announced that this year's competition, which marks the 23rd edition, will see the prize increase by 15%, reaching a total of €230,000. In addition to the prize, the winner will be able to present their collection during Paris Fashion Week in October 2012. The competition also features the First Collection Award, a prize of €60,000, now in its second year, created to support a young French company in the fashion sector by giving it access to an international audience. 2012 sees online boutique thecorner.com serve as the Exclusive Online Retail Partner of the award for the first time, providing the six finalists and the winners a global platform to showcase their autumn/winter 2012 collections. Additionally, CEO of the LVMH Group's fashion division, Pierre-Yves Roussel is succeeding Ralph Toledano as the mentor of the winner of the ANDAM Fashion Award, with the winner benefiting from strategic, creative and commercial coaching. Separately, The Daily Telegraph's Lisa Armstrong and Angelica Cheung from Vogue China have joined the judging panel as new members. ANDAM Fashion Award remains the world's largest single fashion prize, thanks to its sponsors which include the Pierre Bergé-Yves Saint Laurent Foundation, LVMH, Swarovski, Yves Saint Laurent as well as two public institutions, the DEFI and the French Ministry of Culture and Communication. The 2012 Fashion Award opens officially on January 27 and candidates can be either French or foreign nationals planning to develop their operations in France; the 2011 winner was Anthony Vaccarello.