Zac Posen is saying goodbye to his beloved fashion and accessories brand.
The 39-year-old designer announced on Friday that he will be shutting down his namesake label, which he launched in 2001 when he was just 20 years old. Additionally, the Spring/Summer 2020 collection he debuted in September will no longer be shipped or available for purchase.
"I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand," Posen wrote on Instagram. "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," he added. "I remain incredibly proud of what we created and hopeful for the future. Love ZP."
According to WWD, who was first to report the news, Posen described the closure to the outlet as "horrible, pretty intense and surreal."
“The board made a difficult decision,” he shared. "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," he continued. "We found out [Friday] morning there was not [a solution].”
Posen's designs were a red carpet go-to for celebrities like Rihanna, Katie Holmes, Sarah Jessica Parker, Michelle Obama, Claire Danes, Gwyneth Paltrow, Princess Eugenie and more.
"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," Posen told WWD. "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," he added. "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.”