Afterpay (ASX:APT) announced on May 12 its commitment to the U.S. retail industry by serving as the new presenting sponsor for New York Fashion Week (NYFW): The Shows, beginning in September 2021. The multi-year partnership with IMG, the owner and producer of NYFW, will champion American designers, support the U.S. retail industry and give consumers more access to fashion brands. This comes at a pivotal moment for American retail, with NYFW reportedly generating more economic value than any other fashion event in the world.
As part of this year’s fashion week programming, Afterpay has also partnered with New York-based designer LaQuan Smith to launch a “see now, buy now” show. This provide U.S. shoppers with a front row seat from the comfort of their own home, and an opportunity to buy items directly from the runway and pay for them over time using their own money. The LaQuan Smith “see now, buy now” show is just the first of many consumer-facing programs Afterpay and IMG will unveil leading up to fashion week and throughout the year.
Historically, New York Fashion Week has generated close to $900 million per year for the city of New York through new job growth and tax revenue – the highest of all the regional fashion weeks.
“After the uncertainty of the past year and the toll that COVID-19 has had on fashion, retail and the city of New York, it is a privilege for Afterpay to be a part of the revitalization of this critical industry,” said Nick Molnar, Co-Founder and Co-CEO of Afterpay. “Through our work with IMG, we are proud to be an integral part in creating a new future for the fashion industry, one that offers accessibility, inclusion and sustainability to retailers and consumers.”
Leslie Russo, President of IMG’s Fashion Events and Properties, added: “Our industry has faced countless setbacks during the pandemic, but our collective resilience is unparalleled. With our new partners at Afterpay, we are proudly committing to not only reignite the commerce and creativity showcased at America’s most critical fashion industry event, but revitalize New York’s fashion and retail sectors at large.”
The announcement represents Afterpay’s broad commitment to the global retail and fashion industry. In addition to New York Fashion Week: The Shows, Afterpay is also the title sponsor of Australian Fashion Week with IMG and London Fashion Week, in partnership with the British Fashion Council.