Some say New York Fashion Week hasn't been an elite fashionista event for some time. Since it departed Bryant Park, its home starting in 1994, for Lincoln Center in 2010, it has become a bit of an all-access event.

But a major change might be in the air. Sources say Mercedes-Benz, title sponsor since 2009, might cut ties with the IMG-produced event. Others say IMG and new owner WME are talking to other brands about taking over the deal.

It would correspond with IMG's plan to move NYFW to a new venue. Many say that it's just not cool to show at Lincoln Center, most top designers including Ralph Lauren, Marc Jacobs, Michael Kors, Calvin Klein and Donna Karan show downtown at an off-site location. Mercedes-Benz won't comment on the value of its deal with New York Fashion Week, one of about 35 fashion weeks around the world it sponsors. IMG only told the Hollywood Reporter that: "Mercedes-Benz is a valued global partner of ours across fashion, sports and several WME-IMG properties, including Mercedes-Benz Fashion Week New York, where they remain our title sponsor."

IMG states that New York Fashion Week events generate $865 million annually for New York and bring 110,000 media, designer contacts and individuals to the city twice a year.