The move, announced by the chairman of London Collections: Men Dylan Jones, comes in response to demand from the industry. The international design competition has swiftly established itself as a major force in the fashion world, working with respected industry bodies in five regions around the globe to uncover and nurture the fashion stars of tomorrow.
"I'm thrilled to announce that in January 2015, in a year's time, we will be announcing the winner of the International Woolmark menswear award."
Revealing the news on the final day of the autumn winter London Collections: Men on January 8, Jones - also editor in chief of British GQ - told the media that the inaugural menswear award, to be hosted at LC:M in January 2015, was an exciting move.
"[It's] fantastic news for menswear in general, for new gen designers - fantastic because London is the home of menswear," he said.
The global nominating bodies, including the British Fashion Council (BFC) and the Council of Fashion Designers of America (CFDA), will select five finalists in a series of regional awards held around the world in July 2014.
As with the womenswear award, each of the five regional finalists will receive AUD$50,000 cash sponsorship from The Woolmark Company for the development and promotion of their next collection - along with an invitation to take part in the finals in London in 2015.
The winner of the London finals, judged by a panel of fashion industry heavyweights, will win AUD$100,000 and see their winning collection stocked by some of the most prestigious fashion retailers in the world, including Colette (France), Isetan (Japan), Saks Fifth Avenue (USA), Harvey Nichols (UK), 10 Corso Como (Italy), Joyce (China), MyTheresa.com (Germany) and David Jones (Australia).
Belgian Christian Wijnants took home the 2012/13 award for the European region and the 2013/14 prize was awarded to Rahul Mishra from India.
In an earlier iteration, the event crowned an up-and-coming Karl Largerfeld winner of the coat category in 1954. Lagerfeld accepted his award alongside the dress category winner, an 18 year-old Yves Saint Laurent.
Documentary captures eight designers, six countries, infinite artistic possibilities and one dream
The final for 2013/14 is set for February in Milan