The semi-annual event will be owned by IMG Canada and operated in collaboration with IMG Fashion, a worldwide leader in fashion event production and management.
The announcement was made on Thursday by Fashion Design Council of Canada president Robin Kay, whose non-profit organization has owned and produced Fashion Week for 13 years.
Kay will be stepping down as executive director of the event, known as World MasterCard Fashion Week, but will stay on as president of the FDCC, an organization created to support Canadian fashion designers and the Canadian fashion industry.
"Creating Fashion Week in Toronto was a career dream for me as I was able to translate my skills as a designer and retailer into a celebration of Canadian fashion that has supported so many talented people to find an audience and a global runway. In business, timing is everything, and I am confident that the time is right for IMG to take World MasterCard Fashion Week to the next level," Kay said in a statement.
"I have no plans to disappear and I will remain committed to helping and nurturing Canadian designers shine on the catwalk."
The Toronto style showcase now joins a roster of other international fashion weeks owned and commercially represented by IMG Fashion such as those staged in New York, London, Milan, Berlin, Australia, Tokyo, Mumbai, Istanbul, Miami and Russia.
"We look forward to the exciting changes ahead. Our main goal will remain to focus on Canadian design talent, offering them a world-renowned platform to debut their latest collections and present themselves to an international audience of media and industry professionals," said Sam Galet of IMG Canada in a statement.
Spring 2013 collections are set to be unveiled at Toronto's David Pecaut Square from Oct. 22-26.