07/17/2014 01:54 EDT | Updated 09/16/2014 05:59 EDT

Toronto Men's Fashion Week names emerging designer finalists vying for $10K prize

TORONTO - Five up-and-coming fashion talents are in the running for the Emerging Menswear Designer Award.

Andrew Coimbra, Som Kong, Patrick Salonga, Joao Paulo Guedes and Rani Kim will vie for the top prize at the inaugural Toronto Men's Fashion Week taking place next month.

The five finalists will show their collections at the event finale, with the winner taking home a prize package which includes $10,000 and their own runway show at the next event.

The award is part of the Designer Menswear Fund, an initiative with the Toronto Fashion Incubator to help promote and nurture homegrown talent and inspire young designers to specialize in menswear.

Toronto Men's Fashion Week will make its debut Aug. 12 to 14 at Evergreen Brick Works.

Notable Canadian designers like Christopher Bates and Farley Chatto — who have previously presented at Toronto's larger-scale World MasterCard Fashion Week — are among those scheduled to participate in the new menswear-only event.

Anya Nordstrom, director of public relations for Toronto Men's Fashion Week, said they're hoping to make the event a hub for North and South American designers on par with more established European shows in London and Milan, which have become gathering places to showcase contemporary and avant-garde menswear.