And the results are in: for womenswear, nominees are Bianca Spender, Ashkar Line, Celeste Tesoriero, Elissa McGowan, Rebecca Vallance and Haryono Setiadi. For menswear, nominees are From Britten P/L, Han and P. Johnson.

The nominees are in fine company: the prestigious prize was won by Karl Lagerfield and Yves Saint Laurent in 1954 and continues to recognise the very best design talent in the world today. The nominees now face the somewhat daunting task of presenting sketches of a Merino wool capsule collection of six outfits to judges on July 15, with one full outfit to be produced. They stand to win $50,000 if they make it to be one of 10 international finalists, with the overall winner of the menswear and womenswear categories each awarded an additional $100,000 to assist with fabric sourcing and marketing. The winners will also have their collections stocked in Harvey Nichols UK, Saks Fifth Avenue, David Jones and, among other stockists.

Tonight's event will also feature a screening of Behind the Prize, a documentary that follows the 2014/15 international womenswear finalists, including winner Marcia Patmos of M.PATMOS, on their path to global recognition. Shot in Berlin, New York, London, Shanghai, Melbourne and Beijing, the short film features interviews with IWP judges Paul Smith and Victoria Beckham.  Check the trailer below: