04/14/2014 03:42 EDT | Updated 06/14/2014 05:59 EDT

Four emerging womenswear labels vying for TFI New Labels top prize

TORONTO - Christopher Paunil will be vying for another shot at the Toronto Fashion Incubator's New Labels crown.

For the second consecutive year, the Toronto-based contemporary dress and separates brand is a finalist in the contest for emerging Canadian designers.

All four finalists are womenswear labels with AliceAzur by Miriam Baker, swimwear designer Ashley Boutcher of Nomad of the Sun and ethically conscious designer Laura Siegel also contending for the top prize.

Designers will be competing for a $25,000 cash award from TFI supporter and philanthropist Suzanne Rogers. The winner will also receive a full-page editorial feature in Flare Magazine and production of a lookbook for their collection provided by beauty partners CoverGirl and Pantene.

Toronto-based clothing and textile designer Sarah Stevenson, winner of last year's New Labels contest, was also awarded the chance to design a line for Target's Canadian stores as part of her prize package, with the collection arriving on shelves last month.

TFI is a non-profit, small business centre that offers support and mentorship to budding Canadian fashion designers and entrepreneurs. The organization's concept has been adopted by cities worldwide, including New York, Chicago, London, Milan and Paris.