The mainland’s ‘fairy godmother of fashion’ is behind the Yu Prize, which celebrates and supports pioneering homegrown fashion talents. Here, Yu and the honourees from this year’s awards, including Hong Kong label Ponder.er, tell us about making a difference in the Chinese fashion industry
“Fashion has always been the starting point of everything I’ve done [in my career]—it has an incredible power to inspire, ignite passion and imagination, and that was certainly the case for me from an early age,” says Wendy Yu, often referred to as China’s fairy godmother of fashion. Yu is the daughter of Jingyuan Yu, who founded Mengtian Group, the largest wooden door manufacturer in the country, but she has made a name for herself as a fashion power player and mentor.
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Yu has worn several hats since founding investment funding company Yu Capital in 2015, which became Yu Holdings in 2017. “I was not immediately chasing the numbers as most financiers do; I was more interested in long-term impact and the wider vision,” she says of the businesses her company has backed. She is a long-time supporter of the Metropolitan Museum’s Costume Institute and Met Gala, and her investment portfolio so far includes Greek British designer Mary Katrantzou, Samantha Cameron’s womenswear label Cefinn and shopping app Fashion Concierge (now part of Farfetch), as well as technology giants DiDi, the Uber of China, and Tujia, the country’s Airbnb equivalent.
Unable to spend much time away from Shanghai since Covid-19 began, Yu has been able to embark on a spiritual journey of self-discovery, “studying professional meditation techniques, hypnotherapy, reiki, sound healing” and other forms of healing. But she is in no way slowing down her businesses or creative and philanthropic missions: over the same period, Yu Holdings has launched the Yu Prize, an annual fashion award and incubator programme; and Yumee, a cruelty-free luxury beauty brand. The Yu Prize was launched in 2020 to celebrate and support the most promising, pioneering homegrown fashion talents, with an empowering ethos of “making the bigger difference to the Chinese fashion industry as a whole” and “redefining the global perception of Chinese creativity”.
Few domestic fashion design awards in China receive international recognition, but this one is run in official association with Shanghai Fashion Week and the Fédération de la Haute Couture et de la Mode, and backed by a jury of industry heavyweights: designers Diane von Fürstenberg and Jason Wu, president of fashion group OTB Renzo Rosso, Judy Liu of Farfetch Greater China, and Simon Collins, the Distinguished Visiting Professor at Tsinghua University and former Dean at Parsons, to name just a few.
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