Designer Zac Posen is shutting down his famous fashion label and accessory brand. The 39-year-old celebrity favorite announced the news on Friday he will be closing the doors on his fashion business.
The Spring/Summer 2020 collection he debuted at fashion week in September is no longer being produced. Posen used Instagram to announce the news he will no longer be in the fashion world.
“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. 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. Love ZP,” he shared.
He became his namesake brand in 2001 when he was only 20-years old. Posen is beloved by several celebrities like Sarah Jessica Parker, Claire Danes, Naomi Campbell, and Uma Thurman. Those are only a few of the famous faces that have worn his label over the years.
Women’s Wear Daily was one of the first to report the news following Posen’s social media announcement. It was not an easy decision for him to close the doors on the business he put his heart and soul into.
“The board made a difficult decision. We were in a sale process and we ran out of time. There was a board vote. We had to make the call. My partners and I tried everything possible within our means to find solutions to keep it going. I have been trying to find the right strategic partners at this tough time in retail and in the industry. The clock ran out. I’ve been trying to not have this happen for a month. We found out Friday morning there was not a solution,” Posen shared with the magazine.
Zac Posen is shutting the doors on his namesake brand. The designer is unsure what the future holds. Right now, his heart is breaking.
“It breaks my heart for my customers and the people who work for me. We have dressed everybody, from the biggest stars to emerging talents to royalty. I feel really fortunate to have made clothes they responded to. Hopefully, I’ll have a long career ahead. I need to take a little time to think about my options. I’ve been focused on my brand for a long time. Now, this is a new stage. I will always have me. I will always have my creativity,” he told WWD.
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