…..Real Reason For The Shut Down
By Glam & Essence
Not many fashion followers saw this coming,so it was with shock that lovers of fashion across the globe receive the news that broke on Friday, November 1, 2019, that international designer, Zac Posen was shutting down his renowned fashion label. Not only is Zac Posen closing its doors but House of Z and the diffusion line Z Spoke are also fading into the fashion archives.
Since tge news broke,celebrities and fans of Posen’s work have been speechless over his de ision,wondering what could be amiss to have led the designer to take such a final decision. Zac Posen,who made his first debut with his line almost 20 years ago explained that the announcement was “horrible,” “pretty intense,” and “surreal.” Surprisingly,Posen just debuted a stellar show at the New York Fashion Week recently,when he revealed that the Spring 2020 line won’t be shipped.
This has led to the questions many are asking…why?
Posen revealed that the company was in the midst of a sale that fell through.
“We had to close up House of Z, Z-Spoke, the whole company. The board made a difficult decision. 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.
Why did the sale of Zac Posen fall through?
For more than 15 years, Ron Burkle’s investment firm Yucaipa Cos. has owned a major stake in the brand. In April, Yucaipa announced they were looking to sell. Unfortunately, it’s a tough time for retail and fashion. A buyer was never found. Posen explained, “I’ve been trying to not have this happen for a month. We found out this morning there was not [a solution. [Yucaipa and Burkle], have been very supportive and it’s important for me to be respectful of a very, very tough decision. I gave it all I could.”
All 60 of Posen’s employees have been let go. Also, all production and operations have ceased and the Zac Posen website no longer exists. Posen shared a photo of his team on Instagram with a caption that said, “I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand.”
Posen has designed stellar looks for everyone from Princess Eugenie to Sarah Jessica Parker, Claire Danes, Michelle Obama, Amal Clooney, and Katie Holmes. Since the sad news of the closure of tge entire brand broke,many celebs have been reaching out to him,as well as fellow designers. Notable among tgem is Christian Siriano,who reacted to the troubling news with a Instagram post , “With so much happening in fashion right now I’m sending my support to others in this business who have lost their way and you know who you are. I hope we all can find the right balance soon to keep making the world a more beautiful place with our art.”
Celebrities like Will & Grace star, Debra Messing also wrote, “You are a magic maker. I feel so honored and privileged to have been dressed by you. Your art is exquisite and I can’t wait to see your next chapter.”
Zac Posen’s next move is no less excitibg.According to him, “I think I’ve worked with integrity and care,” he told WWD. “Hopefully, I’ll have a long career ahead. I need to take a little time to think about my options. I’ve been focused on my brand for a long time. Now, this is a new stage,but I will always have my creativity.”