Miami Fashion Week is about to get a makeover.

The founder of the annual event, Beth Sobol, and her partner in the venture sold the company behind the event to a group of European investors who plan a global expansion of the brand, a spokeswoman said.

Sobol and shareholder Aaron Perry each owned half of the company. The terms of the acquisition, which was completed last week, were not disclosed.

This would have been the 17th year of the event, which highlights designers from around the world, but the sale put the event on hiatus.

According to a press release announcing the deal, the new partners “will soon announce several exciting elements of their new strategy for Miami Fashion Week moving forward.”