READING

In trying times for retailers, another fashion gia...

In trying times for retailers, another fashion giant folds

The advent of the internet has welcomed many services designed to make our lives and world more globalised. Sadly, these advancements have also led to the disintegration of many services that once stood before them; most notably in recent times, the collapse of TV and movie services, DVD’s and the once iconic video-rental store in light of internet streaming services. This new technological age has also seen the rise of online shopping, proving so convenient and user-accessible that it has caused walk-in boutiques and department stores to feel the pressure of closure as more and more of us opt to shop online rather than in store.

Like many before him, one such designer has been forced to close his doors this month: Zac Posen owner’s House of Z and Z Spoke have announced that the eponymous company, who had been in the process of looking for a buyer, would be closing, with staff being notified that company would be ceasing operations immediately. The announcement comes as a shock to many, with Zac Posen having been a red carpet staple for 20 years since his company opened its doors in 2001 when Posen was merely 21 years old. A darling of the red carpet, Posen made a name for himself as the go-to designer for luxurious and figure-hugging gowns amongst Hollywood beauties. Since the label’s inception, Zac Posen’s designs have adorned many award show starlets, from Katie Holmes to Rihanna, Oprah Winfrey to Sarah Jessica Parker.

In light of the announcement, the company’s namesake released a statement regarding the closure:

“The management team … worked hard to navigate the increasingly challenging fashion and retail landscape … we are disappointed that these efforts have not been successful.”

Posen produced many collections, ranging from high end couture for his signature label, to collaborating with companies such as Target (Zac Posen for Target), David’s Bridal (Truly Zac Posen) and most recently, Delta Airlines. An entrepreneur of the industry, the talented designer stood out from his contemporaries, also stepping away from the label to explore further avenues, such as joining the popular fashion reality show Project Runway, on which he was a judge for 6 seasons.

The news comes just after it was announced that Barney’s New York, who were a stockist of Posen’s label, had finally been sold after announcing bankruptcy back in August.

 

Featured Image Source: Antonello Trio/WireImage/Getty Images


RELATED POST

COMMENTS ARE OFF THIS POST