After nearly 20 years in business, Zac Posen is closing his infamous fashion label. It is truly the end of an era, as Posen has designed for some of the world’s biggest celebrities such as Rihanna and Beyonce. The 39-year-old designer, who has been in the industry since 2000, has had many other accomplishments including redesigning Delta Airlines uniforms in 2018 and serving as a judge on ‘Project Runway.’
According to Vogue, Yucaipa Companies, the private equity firm, had been trying to sell its stake in the designers company since April. But following a “comprehensive strategic and final review of the business,” the company’s board decided to close its business and lay off its 60 person staff.
Posen has been trying to find the right partner for some time now.
“But time ran out, and the difficult climate out there… it’s not an easy time in our industry.”
Posen made the shocking announcement on Nov. 1 in a heartfelt Instagram post.
“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 and 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.”
Many celebrities took to Instagram to express their gratitude for the designer. Elle magazine Editor-in-C Nina Garcia took to social media addressing the impact he has had on the fashion industry.
“He is truly a gifted designer. You only have to wear one of his gowns once to understand the transformative nature of his work. The craft is not only in his design, but in the fit and the elegance; in the joy Zac spreads to whatever he touches,” Garcia wrote.
Posen will be undoubtedly taking time to regroup. It will be interesting to see what’s next for the designer.