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News Brief: New York Fashion Week Struggles to Find New Auto Sponsor, Azzedine Alaïa Fêtes First Fragrance

And the winners of inaugural Fashion Futures Awards have been announced.
Photo: Pascal Le Segretain/Getty Images

Photo: Pascal Le Segretain/Getty Images

These are the stories making headlines in fashion this morning.

New York Fashion Week struggles to find new sponsor 
Since Mercedes-Benz ended its partnership with New York Fashion Week, IMG has struggled to find another automobile sponsor for the biannual event. Analysts say that NYFW is suffering from a lack of cool factor and a changing zeitgeist. IMG is hoping that the acquisition of Made Fashion Week and new downtown locations ill inject new energy into the event. {Business of Fashion}}

Marques'Almeida awarded 2015 LVMH Prize
Marques'Almeida has been named the winner of the 2015 LVMH Prize. Founded by Portuguese designers Marta Marques and Paulo Almeida, Marques'Almeida is based in London and is already a favorite among industry insiders and denim enthusiasts. The duo will receive $330,500 and a year of mentoring from LVMH. {Fashionista}

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Azzedine Alaïa Fêtes New Fragrance
Alaïa hosted a party Thursday night in Paris to celebrate the forthcoming launch of his fragrance, Alaïa Paris. This is the first perfume for the Tunisian-born couturier, who has been in business for over 30 years. Alaïa Paris will be available in retail outlets this fall. {WWD}

Banana Republic's new designs fall flat
No doubt about it, the hiring of Marissa Webb as creative director of Banana Republic last year has brought new life to the brand. However, Webb’s more fashiony aesthetic has not yet led to increased sales, which were down 8 percent in the first quarter. {Fashionista}

And the winners are...
At the inaugural Fashion Futures Awards in London Thursday night, Burberry, Farfetch, Belstaff and John Lewis walked away with awards for pushing boundaries in fashion and technology. The Fashion Futures Awards were presented by Decoded Fashion and the British Fashion Council. {WWD}