Media and events company IMG announced on Wednesday that it will no longer back Australian Fashion Week, an annual event that takes place in Sydney each May, putting Australia’s major fashion week in jeopardy.

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IMG Fashion Events & Properties also announced it will no longer be overseeing the Australian Fashion Laureate, the nation’s premier awards event that honours the best in Australian fashion. The 2024 Australian Fashion Laureate will still take place on November 21 and marks the final fashion event facilitated by IMG in Australia.

However, it is yet to be confirmed whether the previously announced Australian Fashion Week will take place in 2025. The same goes for if or when a new owner will be announced to take over the reigns of fashion event.

“We are incredibly proud of IMG’s many accomplishments leading Australian Fashion Week for the last 20 years,” IMG Fashion Events Asia Pacific vice president and managing director Natalie Xenita said in a press release. “The event has played a key role in ushering the industry forward.”

IMG has been operating Australian Fashion Week since 2005. The international event, which draws buyers and media alike, serves as a critical platform for Australian designers to showcase their talent and innovation, positioning Australia as a key player on the global fashion stage.

“Turning to the future, we know we need a platform to profile and celebrate Australian fashion. This moment signals an opportunity for the industry to reimagine and reshape how Australian fashion is represented, and provides us all with an opportunity to explore new ways in which to showcase emerging and established Australian talent,” said ​Australian Fashion Council chair Marianne Perkovic and CEO Jaana Quaintance-James, in response to the IMG news.

“The AFC, as the peak body for fashion and textiles in Australia, will lead this conversation. We will work with members, government and other stakeholders to consider the future platform needed to position and elevate Australian fashion internationally.”

The news adds salt to the wounds of an already struggling Australian fashion industry. Earlier this year, Australian fashion darling Dion Lee announced its closure after the Australian luxury brand failed to attract a buyer, three months after entering voluntary administration, with major investor Cue withdrawing its stake in the business.

Last month, Australian luxury multi-brand retailer Harrolds slipped into liquidation, owing over AUD$16 million in liabilities.