STYLE
2:29 PM PDT 11/1/2019
by
Lindsay Weinberg
The designer said in a statement that the company “worked extremely hard to navigate the increasingly challenging fashion and retail landscape, consistently evaluating strategic options.”
Designer Zac Posen is closing his label.
The fashion brand’s owners, House of Z and Z Spoke, announced Friday that the company will cease business operations after founding the line in 2001.
Posen’s board decided to shutter “following a comprehensive strategic and financial review of the businesses and pursuit of a going-concern sale process,” according to a press release. “The Board of Managers is disappointed with this outcome but can no longer continue operations and believe an orderly disposition at this stage is the best course of action.”
“I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand,” Posen said in a statement, citing retail struggles as a cause. “We are disappointed that these efforts have not been successful and deeply saddened that the journey of nearly 20 years has come to an end.”
Posen has been awarded The Perry Ellis Award for Women’s wear by the Council of Fashion Designers of America. His Hollywood fans include Michelle Obama, Gwyneth Paltrow, Rihanna and Naomi Watts. Recently, The Act star Joey King and Killing Eve star Sandra Oh wore his warm-toned designs to the 2019 Emmy Awards.
At the 2019 Met Gala, the New York native attended with Jourdan Dunn, Katie Holmes, Nina Dobrev, Deepika Padukone and Julia Garner in 3D printed gowns. For his first time hosting a table, Posen also invited Andrew Garfield and Vito Schnabel, dressed in Brooks Brothers, of which Posen is creative director.
His involvement in the film industry includes cameos in Ugly Betty and Ocean’s Eight, as well as appearing as a judge or guest judge on Project Runway over more than 10 years through 2017. Posen announced he was leaving the show in 2018, following the departure of Heidi Klum and Tim Gunn. A documentary, called House of Z, about his work was released in 2017.
See Posen’s full statement below.
I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand. I owe a great deal of gratitude for their unwavering support for and dedication to the Company. The management team at the Company worked extremely hard to navigate the increasingly challenging fashion and retail landscape, consistently evaluating strategic options to strengthen our financial profile and fuel potential growth. We are disappointed that these efforts have not been successful and deeply saddened that the journey of nearly 20 years has come to an end. I am grateful to the team who lent their incomparable talent and commitment along the way. I remain incredibly proud of what we created and hopeful for the future.
Let’s block ads! (Why?)
