IMG reportedly ready to sell Australian Fashion Week for $1m

Chatter on the ground at this year’s Australian Fashion Week was that owner and operator IMG would only run the event for a couple more years — now they’re reportedly looking for a buyer.

One million dollars.

That is reportedly the asking price from sole owner and operator of the Australian Fashion Week brand, IMG, who are rumoured to be looking to buyers to take ownership of the event it has run for almost 20 years.

Confidential has been told the global events company has approached a number of Australian organisations and individuals to buy the event, which many in the industry are claiming needs fresh blood.

It is expected IMG will still hold AFW in 2025, but are on the hunt for buyers to take over for 2026.

Saturday Confidential has approached IMG for comment.

Montana Cox walks the runway during Pandora’s Closing Night show during Australian Fashion Week 2024. Picture: Getty Images

What was once a hugely successful platform for established and emerging Australian designers has lost its lustre in recent years for a couple of reasons.

The economic downturn and pressures on consumer spending, and a lack of purpose are behind its demise.

Also contributing to its downfall is the fact the event is now for both industry and consumers, which in many people’s opinions muddies the waters.

Taking part in AFW requires designers to do so on IMG’s terms, which means they don’t have free rein when it comes to sponsorships and brand partnerships, as they may conflict with the official event sponsor.

As Milli Grigg, co- founder of partnership and sponsorship company Brand Partner, told Confidential last week, designers need more autonomy when holding a runway show.

Currently, all sponsorships need to be run past and approved by IMG.

“Australian Fashion Week has to be about honouring our homegrown designers and giving them national and global attention,” Grigg said.

“It’s about awareness rather than being a commercial, profitable event, and we’re hoping the next owner commits to it being an industry platform for our fashion talent.”

While many designers were pleased with the coverage and huge boost in brand awareness AFW gave them this year, many agree it’s a far cry from the halcyon days of the late-1990s.

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