IMG Canada announced as new owner of Toronto Fashion Week

A model shows a creation by Joe Fresh Style during Toronto Fashion Week in Toronto Wednesday, October 20, 2010. (Darren Calabrese / THE CANADIAN PRESS)

TORONTO - There is a new leader at the helm of Toronto Fashion Week.

The semi-annual event will be owned by IMG Canada and operated in collaboration with IMG Fashion, a worldwide leader in fashion event production and management.

The announcement was made on Thursday by Fashion Design Council of Canada president Robin Kay, whose non-profit organization has owned and produced Fashion Week for 13 years.

Kay will be stepping down as executive director of the event, known as World MasterCard Fashion Week, but will stay on as president of the FDCC, an organization created to support Canadian fashion designers and the Canadian fashion industry.

"Creating Fashion Week in Toronto was a career dream for me as I was able to translate my skills as a designer and retailer into a celebration of Canadian fashion that has supported so many talented people to find an audience and a global runway. In business, timing is everything, and I am confident that the time is right for IMG to take World MasterCard Fashion Week to the next level," Kay said in a statement.

"I have no plans to disappear and I will remain committed to helping and nurturing Canadian designers shine on the catwalk."