IMG has announced Afterpay is replacing Mercedes-Benz Australia as the naming rights sponsor for Australian Fashion Week, which will take place from 31 May to 4 June 2021.

The new partnership will support and champion fashion’s future in Australia, IMG said, while recognising the tremendous challenges faced by Australian designers.

“Over the past 25 years, Australian Fashion Week has established itself as one of the world’s most innovative fashion showcases, right here in Sydney,” said Natalie Xenita, executive director of IMG’s fashion events group.

“Now more than ever, we recognise the need to come together to ensure the Australian fashion industry will continue to thrive for decades to come.”

Nick Molnar, co-founder of Afterpay, said the BNPL business has an unwavering commitment to helping Australian brands prosper locally and internationally.

“Our support of Australian Fashion Week, particularly at this time, is just one way we can ensure the sustainability and success of an industry of which we have grown up in,” Molnar said.

“We look forward to working with the team at IMG on how we can further evolve Australian Fashion Week to ensure local designers, established as well as new and emerging talent, have every opportunity to prosper.”

As the new title sponsor, Afterpay will take steps to ensure the event’s continued growth and economic impact, and to enable fashion to “thrive in a new era”.