The vest was worn by the Croydon rapper to highlight structural racism in the UK after he made history by becoming the first-ever Black British solo act to headline the festival in 2019.
The eye-catching piece, with its graffitied black and white Union Jack flag, was created by the famously anonymous artist Banksy from a former police issue garment, which is described as "capable of stopping bullets up to .45 calibre and is fully stab-proof, yet not machine washable."
The vest was chosen to higlight inequality in the justice system and the arts, with organisers of the new Beazley Designs exhibition claiming the piece represents "a defining cultural moment."
The winner of the Beazley Designs of the Year prize will be announced by London's Design Museum next month, featuring 74 nominations across six categories: architecture, digital, fashion, graphics, product and transport.
The exhibition opens at the Design Museum in London on October 21 and runs until March 28, 2021, with an overall winner being announced on November 26, 2021.