Country Road founder Stephen Bennett has been honoured as an Australian Fashion Laureate lifetime achievement winner, even as the program’s future looks uncertain along with Australian Fashion Week after the surprise loss of its major sponsor.

The mood in the room was celebratory as Bennett was named among this year’s laureates at a luncheon attended by industry heavyweights at Sydney’s Bennelong restaurant on Thursday, despite international events and fashion company IMG announcing last week that it was pulling out after nearly 20 years.