Mercedes-Benz Fashion Festival Brisbane is over.
The event celebrated its tenth anniversary in 2015.
However, festival director Lindsay Bennett said escalating costs and limited sponsorship opportunities are behind the closure.
A withdrawal of support by the Queensland State Government has also played a part in the decision.
"It is extremely disappointing that we have had to make the decision to cancel the Festival – meaning that Queensland will be the only state not to have its own Fashion Festival this year – but unfortunately we are left with no other choice," Bennett said.
"It is not a decision we’ve made lightly.
"My team and I have explored several avenues to see if we can realistically stage an event this year of the same high standards we have reached, but unfortunately the funding is just not there."
In 2015, 500 people were employed as a direct result of the Festival, including 180 models.
Bennett said 250 volunteers were engaged and 101 room nights were booked for interstate guests and crew.
"The Festival cost well over $700,000 to stage last year and to maintain the integrity as well as evolve the event going forward it needs significant support.
"Queensland is the only state (except Tasmania) that does not have Government backing and to continue without it would mean a scaled down version that ultimately would not be showcasing Queensland’s creative industry to its maximum potential.
"On a personal level, I have given my heart and soul to the Festival over the past 10 years, so I am devastated to be shutting the door, however my business has underwritten the event a number of times and it’s no longer financially viable, which has led to this very tough decision."