NEW YORK, May 12, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, today announced its commitment to the U.S. retail industry by serving as the presenting sponsor for New York Fashion Week (NYFW): The Shows, beginning September 2021. The multi-year partnership with IMG, the owner and producer of New York Fashion Week: The Shows, the event's central footprint, will champion American designers, support the U.S. retail industry and give consumers more access to the fashion brands that they love. This comes at a pivotal moment for American retail, with New York Fashion Week generating more economic value than any other fashion event around the globe1.
As part of this year's Fashion Week programming, Afterpay has partnered with New York-based, rising-star designer LaQuan Smith to launch a "see now, buy now" show during NYFW. This is a "first" for the celebrity-designer and Afterpay, who will be giving U.S. shoppers a front row seat from the comfort of their own home, with the 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 revenue2 – the highest of all the regional fashion weeks. Together, Afterpay and IMG will champion this important event through new dynamic activities and interactive concepts throughout the city and digitally, as New York emerges from the pandemic.
Nick Molnar, Co-Founder and Co-CEO of Afterpay said: "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. 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 said: "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."
With this partnership, Afterpay is putting a global spotlight on American fashion and helping to reinvigorate retail and local economies in U.S. fashion centers as the economy and regions look toward reopening. Beyond the runway, Afterpay and IMG will host year-round programming and content that educates and supports the retail industry and consumers alike. In doing so, Afterpay will ensure that top American designers continue to lead the world in innovation and accessible fashion.
Today's 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.
About Afterpay Limited Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest, fees or extended debt. As of March 2021, Afterpay is offered by nearly 86,000 of the world's favourite retailers, and is used by nearly 15 million active customers globally.
Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, France, Italy and Spain, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins.
About IMG IMG is a global leader in sports, fashion, events and media. The company manages some of the world's greatest athletes and fashion icons; owns and operates hundreds of live events annually; and is a leading independent producer and distributor of sports and entertainment media. IMG also specializes in licensing, sports training and league development. IMG is a subsidiary of Endeavor, a global entertainment, sports and content company.
1 Source: Joint Economic Committee report commissioned by Rep. Carolyn Maloney, February 2017 2 Data sourced by Joint Economic Committee report commissioned by Rep. Carolyn Maloney, February 2017