Toronto Fashion Week acquired by Peter Freed

Toronto Fashion Week has been given a lifeline after being acquired by a group spearheaded by real-estate mogul Peter Freed.

The group, which comprises of several of Canada’s top executives in real estate, media and finance, have acquired Toronto Fashion Week from IMG Canada, who dropped the event in July.

In a press statement, the group stressed that they have acquired the event to create a “global forum for fashion, retail, arts, entertainment and culture” to be anchored in Yorkville, the Toronto’s luxury retail and brand destination.

"Toronto is a city that is experiencing exponential growth; fashion and retail have been integral contributors to this. I've witnessed it first-hand developing commercial and residential properties across the GTA over the past 15 years,” stated Freed. “With the purchase of Toronto Fashion Week from IMG, we have the opportunity to create a multi-faceted program that embraces the Canadian fashion and design community, addresses today's retail trends and consumer interests together with the creation and integration of a strong digital platform. It's extremely exciting.”

Carolyn Quinn, previously the director of fashion events and properties for IMG Canada has been named as the president of Toronto Fashion Week and she will be in charge of the event's organisation, direction and execution.

In addition, seasoned public relations executive, Suzanne Cohon, who co-founded and is the principal of ASC Public Relations, will be assuming the role of Toronto Fashion Week’s fashion, arts and culture ambassador, leading all communications for the event.

IMG Canada operated Toronto Fashion Week since 2012, they decided to cut ties with the event earlier this year, citing lack of funding and local support.