Australian Fashion Week is up for sale.
The annual event has been run by American company IMG since 2005, and the business has quietly slipped it on to the market with a price tag of $1million, according to The Daily Telegraph.
It is expected the New York-based global sports and culture company will continue to mount the event until 2025.
Daily Mail Australia has approached AFW for comment.
No specific reason for the sale has been confirmed, but rumours have run rife that AFW has struggled to maintain its once respected reputation as an ‘essential showcase of top designers Down Under’.
The publication reports there may be friction between IMG and designers participating in AFW over sponsorship.
Under IMG’s terms, brands and designers need approval from AFW when it comes to stitching up their own partnerships and sponsors.
In recent years, AFW has gone from one of the country’s most prestigious events to one overrun by reality stars, wannabes and micro-influencers.
Australian Fashion Week is up for sale. The annual event has been run by American company IMG since 2005, and the business has quietly slipped it on to the market with a price tag of $1million, according to The Daily Telegraph
Industry insiders told Daily Mail Australia this year’s designers wanted nothing to do with ‘fame hungry MAFS stars desperate to be seen at fashion week’.
This year’s style aficionados enjoyed runway shows from major brands like Carla Zampatti, Romance Was Born and P.E Nation.
Bec + Bridge, Mariam Seddiq, Michael Lo Sordo, and Acler also made favourable returns.
Still, Nadia Bartel’s brand Henne was not included in this year’s show, despite it being the most popular event on the schedule in 2023.
In recent years, AFW has gone from one of the country’s most prestigious events to one overrun by reality stars, wannabes and micro-influencers. Pictured: Reality star Suzan Mutesi
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Read more at DailyMail.co.uk