Zac Posen is closing its doors.
The beloved designer — a red carpet go-to for celebrities like Sarah Jessica Parker, Katie Holmes and Coco Rocha — is ceasing operations and the Spring/Summer 2020 collection shown in September will not be shipped.
The brand confirmed the news (which was first reported by WWD) in a statement to PEOPLE. “The owners of the Zac Posen fashion and accessories brand, announced today that the Company has determined to cease business operations and carry out an orderly disposition of its assets.”
“The Board of Managers of the Company made this difficult decision following a comprehensive strategic and financial review of the businesses and pursuit of a going-concern sale process,” the company said. “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.”
Posen also spoke about the situation, reflecting on “the journey of nearly 20 years.”
“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 support for and dedication to the company,” the designer, 39, said in a statement. “The management team at the Company worked extremely hard to navigate the increasingly challenging fashion and retail landscape, consistently evaluating strategic options to strengthen our financial profile and fuel potential growth.”
“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 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.”
Posen started his namesake label in 2001 and quickly became a smashing success in the industry. In 2003 Vogue reported he was “22 years old and Designer of the Year five minutes out of fashion college.”
By 2004 he was awarded the Perry Ellis Award for Womenswear by the CFDA and was dressing every big-name celebrity for every major award show, including Gwyneth Paltrow’s 2007 Oscars dress, Rihanna‘s 2008 Grammys dress and Sandra Oh’s 2019 Emmys gown. He also designed Princess Eugenie‘s wedding reception gown for her 2018 royal wedding.
In 2008 he expanded his reach with a collection for Target, became a judge on Project Runway in 2012 and stayed on for six seasons and was even named the Creative Director for Brooks Brothers in 2014.
Most recently, he used innovated 3D technology to create the gorgeous gowns worn by Katie Holmes, Jourdan Dunn and Nina Dobrev at the 2019 Met Gala, created two custom designs for Winnie Harlow at the Harper’s BAZAAR Icons party in September and designed a special opening night look for producer Jordan Roth to wear to the premiere of Moulin Rouge! The Musical on Broadway.