Woolmark doubles value of its fashion prize

The Woolmark Company has increased the prize money of its infamous International Woolmark Prize. All 65 candidates from the six regions (Australia, Asia, Europe, British Isles, Middle East, and the United States) will receive 2,000 dollars in Australia as support for the development of their outfits to be presented in view of the regional finals on next July in Dubai, London, Milan, New York, Seoul and Sydney. The regional winners of the menswear and womenswear categories will receive 70,000 dollars in Australia, 20,000 more than the previous edition, as support for the final capsule. The overall prize pool has been doubled, winners of the men's and womenswear category will be 200,000 dollars instead of 100,000.

This year's edition will also introduce a new award, the Innovation Award, aimed at engaging textile companies that will support young designers in the creation of innovative woolen fabrics and yarns. The new award will reward those who will develop unusually a merino wool or yarn. The winner of the Innovation Award will receive a prize of 100,000 Australian dollars and the possibility of commercial developments. The textile company that will produce the fabric or the winning yarn will receive support from The Woolmark Company to promote it through its global network.

“Due to increasing pressures on young designers, we have restructured our program spend with a greater focus on the design talent and our partners,” explains The Woolmark Company’s Managing Director Stuart McCullough

“Each year, I am truly amazed with what our finalists present to the judges. Just when you may think you've seen it all, along comes an exciting new fabric or innovative new yarn, and that's why we have established the Innovation Award. It not only keeps competition fierce but it also allows for our prestigious trade partners to get global recognition and ultimately increases the market share of wool. The Innovation Award also provides The Woolmark Company with another opportunity to engage and celebrate the work of our trade partners.”

Photo credit: Woolmark