The man behind Deepika Padukone's MET Gala gown, Zac Posen shuts down his eponymous label
| Updated: Nov 4, 2019, 13:20 IST
American fashion designer, Zac Posen, who is famously known in our country for designing Deepika Padukone’s Barbie pink MET Gala gown, shut shop of his eponymous label, after two decades. The Hollywood’s favourite designer known for his elegant mermaid gowns ruled the roost on the red carpets in the early 2000s.
His label, The House of Z was born in 2001 when the designer was only 20 years old. In a press released by the label, the label revealed that Yucaipa Cos., the investment firm that invested in the label, was planning on selling its stake. It continued to say, "the Board of Managers made this difficult decision following a comprehensive strategic and financial review of the businesses. The Board of Managers is disappointed with this outcome but can no longer continue operations and believe an orderly disposition at this stage is the best course of action, under the circumstances.”
Zac had to notify his staff of about 60, including the artisans that worked on his atelier that would be out of jobs the next morning.
“I’ve been personally trying to find the right partner for some time,” Posen said in an interview with a leading magazine. “But time ran out, and the difficult climate out there… it’s not an easy time in our industry.”
Despite the designer debuted his Spring/Summer ’20 collection back in September, his fans will not be able to purchase it, as it won’t be getting shipped. In a statement, Zac too expressed his disappointment and appreciation towards everybody who stood by him. "We are disappointed that these efforts have not been successful and deeply saddened that the journey of nearly 20 years has come to an end. I remain incredibly proud of what we created and are hopeful for the future," he said in his statement.
Zac Posen had previously designed red-carpet gowns for the likes of Michelle Obama, Katie Holmes, Rihanna and even royalty like Princess Eugenie.
It is clear, that is a grave loss to the fashion industry, however, we do hope the talented, young designer is able to bounce back from this.
His label, The House of Z was born in 2001 when the designer was only 20 years old. In a press released by the label, the label revealed that Yucaipa Cos., the investment firm that invested in the label, was planning on selling its stake. It continued to say, "the Board of Managers made this difficult decision following a comprehensive strategic and financial review of the businesses. The Board of Managers is disappointed with this outcome but can no longer continue operations and believe an orderly disposition at this stage is the best course of action, under the circumstances.”
Zac had to notify his staff of about 60, including the artisans that worked on his atelier that would be out of jobs the next morning.
“I’ve been personally trying to find the right partner for some time,” Posen said in an interview with a leading magazine. “But time ran out, and the difficult climate out there… it’s not an easy time in our industry.”
Despite the designer debuted his Spring/Summer ’20 collection back in September, his fans will not be able to purchase it, as it won’t be getting shipped. In a statement, Zac too expressed his disappointment and appreciation towards everybody who stood by him. "We are disappointed that these efforts have not been successful and deeply saddened that the journey of nearly 20 years has come to an end. I remain incredibly proud of what we created and are hopeful for the future," he said in his statement.
Zac Posen had previously designed red-carpet gowns for the likes of Michelle Obama, Katie Holmes, Rihanna and even royalty like Princess Eugenie.
It is clear, that is a grave loss to the fashion industry, however, we do hope the talented, young designer is able to bounce back from this.