For Nicole and Michael Colovos, the International Woolmark Prize for womenswear is a major win that will take their three-year old Colovos label to the next level.

Think about it. It’s not only a monetary prize of approximately U.S. $140,000 to help support the development of their business. The prize also comes with mentor support, a Woolmark certification for the winning collection, and the opportunity to be sold at prestigious stores around the world, including Harvey Nichols, Hudson’s Bay, Lane Crawford, mytheresa.com, and Takashimaya.

It’s also a major vote of confidence in the husband-and-wife designers from a global audience – during London Fashion Week no less –and that’s worth a lot.

The Colovoses have been designing for nearly two decades. In 2004, they were a runner-up at the inaugural CFDA/Vogue Fashion Fund, and they served as Co-Creative Directors of Helmut Lang for eight years.

They competed against 11 other global designers for the Woolmark Prize in womenswear with a collection that referenced classic wool sportswear and workwear throughout history. They updated this concept with modern proportions and patterning techniques.

“Our goal was to create a luxury, modern collection with a fully sustainable proposition,” Michael Colovos said.  “We are committed to principles of zero waste in manufacturing, so all production waste and end-of-life garments will be recycled to create new fabrics, a process that uses steam, heat and citrus to breakdown the fabric waste and create a new fiber to be spun into fully recyclable yarns.”

The awards took place at Lindley Hall, and the panel of judges included Alber Elbaz, Tim Blanks, Laura Brown, Sinead Burke, Gwendoline Christie,  Floriane de Saint Pierre, and Sara Sozzani Maino , along with representatives from the International Woolmark Prize retail partner network.