Myer and the Victoria Racing Club (VRC) have announced a new five-year sponsorship agreement that will extend the ongoing partnership between the two organisations to 40 years.
According to the Victoria Racing Club, consumers spent $44.3 million on fashion and accessories for last year's Melbourne Cup carnival.
In 2016, people purchased 295,397 fashion items, including 49,067 pairs of shoes, 46,448 dresses, 11,659 suits and 59,665 hats and fascinators.
The new agreement, which comes into effect from 2018 until the end of the 2023 racing season, will see Myer become the longest serving major partner of the VRC.Myer will remain the exclusive fashion partner of the VRC and the Melbourne Cup Carnival, and continues its naming rights of Myer Fashions on the Field and all associated events nationally.
Myer will share the Emirates Melbourne Cup with Myer customers throughout Australia.
The $200,000 Melbourne Cup trophy will visit select Myer stores across the country.
In addition, Myer will continue to host a marquee in the Birdcage Enclosure throughout the four days of the Melbourne Cup Carnival.
Myer CEO Richard Umbers said he was delighted to announce the new agreement and praised the ongoing partnership between the brands.
“Myer has been a proud and long-standing partner of the Victoria Racing Club for over 35 years and we are delighted to be continuing this well-established and valuable relationship for a further five years.
"As a leading Australian retailer, Myer has been synonymous with fashion and style for more than a century, and our association with the Melbourne Cup Carnival and racing nationally ensures that the brand continues to connect our valued customers with inspirational racing fashion.”
Now in its 56th year Myer Fashions on the Field commences on AAMI Victoria Derby Day and continues on Emirates Melbourne Cup Day and Kennedy Oaks Day.