Fashion designer Virgil Abloh is to continue as creative director at Off-White.
The winner of the 2021 LVMH Prize will be announced at an event in September.
The Portuguese designer succeeded Carol Lim and Humberto Leon at the Paris-based label back in July 2019.
The Belgian designer joined the luxury leather brand, owned by Moet Hennessy Louis Vuitton (LVMH), back in April 2018.
The investment is reportedly being used to support the Savage X Fenty expansion into a new retail and athletic wear line.
The decision was made to shut down the ready-to-wear label due to the ongoing global health crisis.