The board of directors announced this past week that founder Beth Sobol and shareholder Aaron Perry are selling their remaining shares. Perry became a 50 percent equity partner in 2010.
Sobol is a former fashion model who started Miami Fashion Week in 1999. The week has offered emerging designers from all around the world a chance to launch into the American market and has lured a host of notable celebrities.
The board also plans to announce a new strategy for Miami Fashion Week going forward.
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