The biggest story of Mercedes Australian Fashion Week's spring/summer event in May was its designer pullouts. Now the autumn/winter showcase looks to be overshadowed by news of just who is buying in: MAFW is now the property of the world's largest sports/lifestyle management and marketing firm.
In a deal that industry sources estimate could be worth several million dollars, the Herald can reveal that Australian Fashion Innovators has been acquired by International Management Group.
To be announced in a joint statement this morning by IMG and Australian Fashion Innovators/MAFW founder and CEO Simon Lock, the news follows months of speculation focusing on the mooted sale of Australian Fashion Innovators' biannual fashion runway event only.
According to AFI spokesman Graeme Lewsey, however, IMG has acquired both MAFW and its parent company, which is a wholly-owned subsidiary of The Lock Group and which has interests in other fashion events throughout Asia-Pacific.
Although Lewsey declined to elaborate on any other aspects of the deal at press time, he insisted that Lock would certainly have an ongoing role with the event.
Effective immediately, the deal means that IMG will take charge of MAFWs upcoming autumn/winter 2006 showcase which takes place at Melbournes Federation Square from October 26-28.
The runway shows will be preceded by the inaugural Asia Pacific Fashion Forum, a two-day, pan-Asia Pacific fashion seminar for which Lock has lured a number of big names in Asia Pacific fashion retail, as well as the Los Angeles-based Australian designer Richard Tyler.
Since it was established in 1996, MAFW has emerged as Australia's most high profile fashion event and one which has put Australia under the international fashion spotlight and boosted the domestic profile of local designer fashion.
According to Media Monitors and Rehame figures, the value of the event's domestic media coverage increased by almost 300 per cent to $38million, from May 2002 to May 2004.
This time last year, however, Lock experienced severe cashflow problems - a situation he managed to rectify, but before public sniping by unpaid creditors prompted speculation about the future of the event.
Lock said at the time: "No one should be worried about the financial stability of MAFW".
The acquisition is the latest coup for IMG which already owns New York Fashion Week and has an involvement with Milan Fashion Week and other international fashion events.
The company also operates the world's largest modelling agency, IMG Models, which represents Australian Gemma Ward among others.
"I think it is a smart move for IMG because they are buying into a specialist in the Australian fashion industry," said Damien Stenmark, a sponsorship and sports marketing specialist.
"The trick for them will be able to maintain but also grow profit. It certainly brings a large backer to the industry and it puts the event on even more solid ground. And it shows a lot of faith in the Australian fashion industry.
"They are piecing the (international fashion) jigsaw together and it looks like the end picture should look good for sponsors and designers alike. And they are following a similar theme to what they have adopted in golf and other sports and activities around the world."
From Sydney Morning Herald
In a deal that industry sources estimate could be worth several million dollars, the Herald can reveal that Australian Fashion Innovators has been acquired by International Management Group.
To be announced in a joint statement this morning by IMG and Australian Fashion Innovators/MAFW founder and CEO Simon Lock, the news follows months of speculation focusing on the mooted sale of Australian Fashion Innovators' biannual fashion runway event only.
According to AFI spokesman Graeme Lewsey, however, IMG has acquired both MAFW and its parent company, which is a wholly-owned subsidiary of The Lock Group and which has interests in other fashion events throughout Asia-Pacific.
Although Lewsey declined to elaborate on any other aspects of the deal at press time, he insisted that Lock would certainly have an ongoing role with the event.
Effective immediately, the deal means that IMG will take charge of MAFWs upcoming autumn/winter 2006 showcase which takes place at Melbournes Federation Square from October 26-28.
The runway shows will be preceded by the inaugural Asia Pacific Fashion Forum, a two-day, pan-Asia Pacific fashion seminar for which Lock has lured a number of big names in Asia Pacific fashion retail, as well as the Los Angeles-based Australian designer Richard Tyler.
Since it was established in 1996, MAFW has emerged as Australia's most high profile fashion event and one which has put Australia under the international fashion spotlight and boosted the domestic profile of local designer fashion.
According to Media Monitors and Rehame figures, the value of the event's domestic media coverage increased by almost 300 per cent to $38million, from May 2002 to May 2004.
This time last year, however, Lock experienced severe cashflow problems - a situation he managed to rectify, but before public sniping by unpaid creditors prompted speculation about the future of the event.
Lock said at the time: "No one should be worried about the financial stability of MAFW".
The acquisition is the latest coup for IMG which already owns New York Fashion Week and has an involvement with Milan Fashion Week and other international fashion events.
The company also operates the world's largest modelling agency, IMG Models, which represents Australian Gemma Ward among others.
"I think it is a smart move for IMG because they are buying into a specialist in the Australian fashion industry," said Damien Stenmark, a sponsorship and sports marketing specialist.
"The trick for them will be able to maintain but also grow profit. It certainly brings a large backer to the industry and it puts the event on even more solid ground. And it shows a lot of faith in the Australian fashion industry.
"They are piecing the (international fashion) jigsaw together and it looks like the end picture should look good for sponsors and designers alike. And they are following a similar theme to what they have adopted in golf and other sports and activities around the world."
From Sydney Morning Herald
) and am going to be setting myself up. I am looking to remain within the fashion industry. They have one around April time as well?
what?? i dunno but i think this will change the feel of MAFW (or is mercedes still major sponsor?) it was pretty carefree and you could tell that lock was getting a bit stressed at s/s hmmmm just have to see how it turns out......
