Toronto Fashion Week has been resurrected. Earlier this year, IMG Canada, along with IMG Fashion, announced it was cancelling the semi-annual event because it lacked local support.

However, according to a news release, Toronto real estate media mogul Peter Freed (of Freed Developments fame) bought Toronto Fashion Week and is "spear-heading the ownership group" with a multifaceted team to bring Fashion Week back.

When IMG made its announcement this past summer, many wondered what would replace Fashion Week and the hole it left in the city's fashion and design scene. Toronto Men's Fashion Week said it'd host a women's event and Toronto's already home to a number of alternative showcases.

Now Freed and co. are now working towards the large scale event back.

"Toronto is a city that is experiencing exponential growth; fashion and retail have been integral contributors to this. I've witnessed it first-hand developing commercial and residential properties across the GTA over the past 15 years," he said in a news release.

"With the purchase of Toronto Fashion Week from IMG, we have the opportunity to create a multi-faceted program that embraces the Canadian fashion and design community, addresses today's retail trends and consumer interests together with the creation and integration of a strong digital platform. It's extremely exciting."

The new Toronto Fashion Week will be centred in Yorkville (as opposed to David Pecault Square) and the team's slated to release its detailed plans for it some time early next year.