02/11/2019
Designer Zac Posen is shuttering his eponymous brand - The New York designer, known for his glamorous red carpet gowns, announced on Friday that after failing to find a buyer or new investors, the board of managers decided to close his business down.
The news comes during a challenging period for independent American designer brands, which have been undermined in recent years by the decline of the department store model and the rise of fast fashion and online shopping, as well as stiff competition from the European luxury conglomerates.
