I assume a company in fashion journalism's model is "we sell to rich, well-connected people so we want to employ the kids rich and well-connected people who will be able to appreciate the needs of our customer base, not to mention make the right connections for us too." Using money to screen out the unqualified candidates sounds sensible. Next they should require that the money paid comes from your parents and is not yours.

OK, I was intending to be snarky and cynical but re-reading that...apart from the last sentence it probably is their plan!