NEW YORK, Apr 12, 2010 / FW/ — Lululemon athletica, in partnership with the Fashion Institute of Technology (FIT), will host a celebration of fashion and function on April 20 at 8 pm at the lululemon athletica Soho store, 481 Broadway at Broome Street.

The evening will feature a runway show of designs by eight FIT Fashion Design students selected as finalists in lululemon’s Urban Yogini competition. This is the second consecutive year that lululemon has held this competition with FIT.

The event will start with a video of each student finalist talking about the inspiration for her/his design, followed by the finalists’ designs worn on the runway by lululemon’s ambassadors—top New York City fitness instructors and yoga teachers. Immediately following the presentation, model and TV host Veronica Webb and other judges will select and announce the winning design.

The winner will receive a $2,500 cash prize, plus a three-day trip to lululemon’s headquarters in Vancouver to work with its designers and production team.

The winning design will be manufactured and sold at lululemon stores. Last year’s winning Urban Yogini design by FIT student Sung Hee Bang—a sway jacket in organic cotton—is currently being sold in lululemon stores.

The 2010 finalists are Corey Apploff, SoHee Bae, Amy Bittner, Eri Fuchigami, Keun Kwon, Rachel Marcus, Amelia Tkach, and Qing Zhu.

The Urban Yogini design competition was created by Deanne Schweitzer, global strategist with lululemon, to “tap into and connect with new young talent who could inform us on what is happening in yoga, fashion, and street life in New York.”