The U.S. nominees for the 2014-15 International Woolmark Prize have been selected. For the first time, there will be one overall winner for women’s wear and one overall winner for men’s wear.

This story first appeared in the April 14, 2014 issue of WWD. Subscribe Today.

In women’s wear, the finalists are Jonathan Simkhai, M. Patmos, Nonoo, Rosie Assoulin and WHIT. In men’s wear, the finalists are Antonio Azzuolo, Mark McNairy New Amsterdam, Ovadia & Sons, Public School, Timo Weiland and Todd Snyder.

Five regional competitions will be held in the U.S., Asia, Australia, Europe and India and the Middle East to select 10 women’s and men’s finalists who will each receive $47,000 toward their next collection, as well as an invitation to participate in the international final.

The five men’s wear finalists will meet at London Collections: Men in January, and the five women’s wear finalists will meet in Beijing in March 2015.

The overall winners of the men’s wear and women’s wear finals will each receive $94,000 to assist with fabric sourcing and marketing of their collection. Furthermore, both international winners will have their collection carried by key international retail partners, including Harvey Nichols in the U.K., Joyce in China, Saks Fifth Avenue in the U.S., Colette in France, 10 Corso Como in Italy, and David Jones in Australia.

The U.S. regional award will be held July 15, where the designers will present sketches of a merino wool capsule collection comprising six outfits, with one full outfit being produced. The collections will be judged by a panel of local and international experts, soon to be revealed. Last year’s U.S. regional winner was Joseph Altuzarra, beating out nine other women’s wear designers.

The International Woolmark Award is supported by the Council of Fashion Designers of America, IMG Australia; British Fashion Council, Chambre Syndicale de la Couture and Mercedes-Benz Fashion Week Madrid.

“The addition of the men’s wear award this year signifies the strength and following of the International Woolmark Prize and its impact over the past two years across the globe,” said Stuart McCullough, managing director of The Woolmark Co. “Previous winners, Christian Wijnants from Belgium and Rahul Mishra from India, have both experienced exponential increases in the turnover of their business, becoming international names overnight after their respective wins in London in 2013 and Milan in 2014.”