Sydney designer Dion Lee may only be 26 years old, but he's just earned himself Australia's most major fashion industry award: the International Woolmark Prize. True to the competition's name, each participating designer was asked to create a garment from Australian merino wool; Lee won with the architectural number at left, a grey felted coat dress finished with rubber thermal details at the cuffs and hips.

He'll receive a cash prize of over $51,000, plus a spot at London Fashion Week next February to compete in a grand final against four other regional designers, Sophie Theallet among them. Whomever is selected the overall winner will have his or her collection sold by Woolmark's partner companies: Harvey Nichols in Great Britain, Lane Crawford in China, Bergdorf Goodman in the States and David Jones in Lee's native Australia.

“I am very excited and very positive about this competition because I think it has the potential to make a significant difference in a brand’s business," Lee told WWD. "It’s not just a trophy and prize money, it’s about helping that brand grow on all levels." Dion Lee's collection is already carried at Net-a-Porter.com, Shopbop, David Jones and a number of other Australian and Asian retailers—but we can't wait to see this talented up-and-comer expand his label. He recently tapped Kanye West to design the shoes for his Resort 2013 collection, so he's already got a few fashion-y friends in high places.

Click through the gallery to shop some currently-available Dion Lee goodies—but hurry, because sizes seem to be going fast!

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