The Zac Posen trademark has reportedly been bought at auction by Centric Brands.
The new business arrangement affects the Zac Posen brand and related intellectual property, according to WWD. Posen is also reportedly working out details regarding his involvement in the deal.
In October, Posen shuttered his fashion label House of Z after failing to find new investors or a buyer for the company. “The board made a difficult decision,” Posen told WWD in October. “We were in a sale process and we ran out of time. 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.”
In an Instagram post from November, the New York designer said: “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. 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.”
Yucaipa Cos., the investment firm which has owned a controlling stake in Posen’s brand for over 15 years, has reportedly been looking for a buyer for the brand since April.
A graduate of London’s Central Saint Martins, Posen launched his label in New York in 2001 and soon after became a fixture on the New York fashion scene. In 2004, he received the Council of Fashion Designers of America’s award for Womenswear.
Photo credit: Xavi Menos