NEILSON BARNARD GETTY IMAGES
- Zac Posen’s namesake brand has been forced to shutter its business.
- The designer described the news as “horrible,” and explained, “We were in a sale process and we ran out of time.”
- The sad news comes at a time when fashion retail is struggling, with iconic department store Barneys filing for bankruptcy.
Devastating news for Zac Posen fans this weekend. The designer has been forced to close up shop after failing to find new investors or a buyer for the business.
A design favorite in the fashion world, Posen revealed to WWD that he had no choice but to shut down trading. Describing the news as “pretty intense” and “surreal,” Posen told the publication, “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.”
Posen confirmed that both his namesake line, House of Z, and diffusion line Z Spoke, had shuttered. The “surprising and immediate” decision meant that employees of the company were given the news on Friday afternoon, with operations immediately ceasing across the brand.
Katie Holmes and Zac Posen during New York Fashion Week on September 14, 2016. ANDREW TOTH GETTY IMAGES
Posen has an impressive celebrity following, with stars such as SJP, Claire Danes, Deepika Padukone, Michelle Obama, Amal Clooney, and Katie Holmes regularly wearing his designs. He was even responsible for designing Princess Eugenie’s second wedding gown, which she wore to her evening reception.
As Posen told WWD, “It breaks my heart for my customer and the people who work for me.”
From: BAZAAR US
