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The prize, which will be awarded biennially (that's every other year), is link organized by La Fabrique du Temps Louis Vuitton in Geneva, Switzerland – and link spearheaded by the 24-year-old Arnault. The brand states in its press link release that the award celebrates "the creative talent, savoir-faire, and audacity of the independent watchmaking industry, to support and encourage artisans and entrepreneurs, and accompany future generations."