Dior has postponed a fashion show set to be held in Hong Kong next month, a city official confirmed Saturday, dealing a blow to the financial hub’s ambitions to boost its economy through major events.

Hong Kong is courting top international celebrities and brands in the hope of rebooting its reputation, which has been battered by years of social unrest and strict pandemic curbs.

The Dior runway presentation, showcasing the men’s autumn collection under the direction of artistic director Kim Jones, was planned as one of the “mega events” highlighted by Hong Kong’s culture, sports, and tourism leader, Kevin Yeung, in promoting the city’s goal to become a hub for events.

Yeung’s office was informed by the organizers on Saturday that the fashion show, originally scheduled for March 23, would not be taking place.

The spokesperson for Yeung’s office stated that big events may be delayed occasionally, but they are still encouraging large events to be held in Hong Kong.

According to a statement from the company quoted by the South China Morning Post, Dior announced that the show has been postponed indefinitely without providing specific details.

The South China Morning Post reports that the occasion was anticipated to have a price tag of around $100 million (equivalent to $12.8 million in U.S. currency) and attract approximately 1,000 participants.

In November, Louis Vuitton presented its men’s pre-fall 2024 collection in Hong Kong. The show was overseen by creative director Pharrell Williams and featured famous attendees from China and South Korea.

The highly anticipated fashion event was viewed as a positive for Hong Kong’s global reputation and a demonstration of the luxury company’s dedication to Asian economies.