The buy-now, pay-later platform has withdrawn its sponsorship of Australian Fashion Week, after signing a three-year deal for the naming rights of the event in 2020.

”Afterpay joined Australian Fashion Week as title sponsor at an immensely challenging time for the fashion industry. Their support enabled us to continue providing designers with a global trade and consumer marketing platform during the pandemic, and we’re very grateful for their partnership,” Natalia Xenita, vice president and managing director of fashion events and properties, Asia Pacific IMG, the owner of Australian Fashion Week, said in an email to BoF.

Afterpay said it would continue to support Australian brands through work with the Australian Fashion Council and Australian Retailers Association.

“Our objectives for AAFW were to make an impactful contribution to the industry and its landmark event following the devastating impact of Covid-19 ... We were able to play an essential part in rebuilding an industry that has been so crucial to our success,” said Afterpay’s Australia country manager Katrina Konstas in a statement.

The move could place many designers, whose fees were waived following Afterpay’s sponsorship announcement, in limbo for the 2024 season. According to the Sydney Morning Herald, which was the first to report the news, under Afterpay’s sponsorship, the approximately AU $20,000 ($12,900) fees, which covered staffing and production, were waived, making participation in the week more accessible for emerging designers.

The event was priorly backed by Mercedes-Benz, and IMG’s new partner has yet to be named.

Afterpay will also no longer sponsor New York Fashion Week events.

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