Victoria Beckham is joining fashion stalwarts Diane von Furstenberg and Donatella Versace on the panel of the International Woolmark Prize 2013.

The award, which names the best Merino wool designer in the world, will feature on the London Fashion Week schedule for the first time in its 60 year history, with a star-studded award event on 16 February.

After a series of regional awards all over the world, the international shortlist has been narrowed down to six and includes Australia’s Dion Lee – who already presents at London Fashion Week – and French designer Sophie Theallet, who has dressed the American First Lady, Michelle Obama.

The prize, which is credited with launching the careers of fashion heavyweights Karl Lagerfeld and Yves Saint Laurent, promises AUD$100, 000 and a guaranteed place for their collection in the world’s biggest department stores, including the UK’s Harvey Nichols.

Find out what got Victoria Beckham teary-eyed at New York Fashion Week