MIAMI (AP) - The founder of Miami Fashion Week is selling her stake in the company.
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.