In a shocking announcement, Zac Posen revealed yesterday that he is shuttering his business. According to a report, employees were informed about the development yesterday afternoon, and that the company is “ceasing operations as of today.”
“The board made a difficult decision,” Posen. We were in a sale process and we ran out of time,” Posen shared in an emotional statement.
Posen has been a red carpet favorite for close to two decades after launching his label in 2001, outfitting stars like Rihanna, Claire Danes, Fei Fei Sun and Katie Holmes, who has been like his muse.
An announcement from the label’s owners, House of Z and Z Spoke, noted late Friday that the company could no longer continue operations. It had been in a sale process.
“The management team … worked extremely hard to navigate the increasingly challenging fashion and retail landscape,” Posen, 39, added. “We are disappointed that these efforts have not been successful.”
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