New Delhi, Apr 8 (IANSlife): Applications for the prestigious International Woolmark Prize are now open.

Whilst no one knows the impact the current climate will have on the state of fashion, an increasing number of emerging brands are looking for new opportunities to ensure their future. Designers looking to shape a positive future for the fashion industry and strengthen their brand are encouraged to apply for this year's Woolmark Prize.

To apply, you must have been producing commercially available apparel for a minimum of two years and a maximum of eight years (at the time of submitting an application). All applications will be reviewed by an Advisory Council of industry experts, who will look for designers in the early stages of their career who have shown promise and dedication in growing a sustainable business, though are yet to be established in a global sense.

Ten finalists from any country across the world will be chosen to participate in the final event in early 2021. Each finalist will receive AU$70,000 to develop a capsule collection which highlights the innate versatility, innovative nature and eco-credentials of Merino wool.

Finalists will take part in The Woolmark Company's Innovation Academy, a robust 18-month education and mentoring program, offering unparalleled access to International Woolmark Prize partners and advisors supporting product development, research and development, business and sustainability strategies to assist in the development of their collections and brands.

The total combined prize fund for the 2021 International Woolmark Prize stands at AU$1 million, with the overall winner awarded AU$200,000, and the winner of the Karl Lagerfeld Award for Innovation being awarded an additional prize fund of AU$100,000. Winners and finalists will also have the opportunity to have their Merino wool capsule collections commercialised and sold in the world's top boutiques and department stores through the International Woolmark Prize's extensive Retail Partner Network.

"Now more than ever we need a reason to celebrate and give hope to independent designers in a way which breaks down cultures and borders to unite us as one," says The Woolmark Company managing director Stuart McCullough. "Online applications ensure the International Woolmark Prize has the potential to benefit designers from every corner of the globe. We also thank the continued support of the International Woolmark Prize Nominating Bodies who play a valuable role in connecting the best emerging design talent with the prize."

Apply online via www.woolmarkprize.com/apply.