Founder of Miami Fashion week selling shares

The founder of Miami Fashion Week is selling her stake in the company.

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 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.

The board also plans to announce a new strategy for Miami Fashion Week going forward.