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Walking the floor of the LVMH Prize semifinal tells you a lot about the current and future state of the fashion industry. For the past 12 years, more than a dozen competing designers have convened for just a few days in a large exhibition space at the front of 22 Avenue Montaigne—each standing beside a rack of their clothing, explaining exactly what they stand for and why. There’s plenty betrayed in everything from the techniques employed to the materials sourced, but I am always most fascinated by their answer to my simple question: Where are you selling?