Zac Posen announces he's shutting down his label: 'It’s not an easy time in our industry'

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Fashion designer and red carpet favorite Zac Posen announced on Friday that he's shuttering his eponymous fashion label "House of Z." The 39-year-old creative and former "Project Runway" judge had been in the industry since the early 2000s and was known for his slew of accomplishments, including re-designing Delta Airline's uniforms for over 64,000 employees in 2018 and working with Princess Eugenie for her second wedding dress this past fall.

The decision on Nov. 1, which Posen called both "surprising" and "immediate" with the layoff of 60 staff members, comes after the business struggled to find a buyer and new investors.

"My partners and I tried everything possible within our means to find solutions to keep it going," the designer said to WWD. "I have been trying to find the right strategic partners at this tough time in retail and in the industry. The clock ran out."

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In an interview with Vogue, the designer echoed these sentiments and the privations the industry faces in recent years. "Time ran out, and the difficult climate out there… it’s not an easy time in our industry," he explained to the publication.

Posen, whose celebrity following includes the like of Claire Danes, Beyonce, Natalie Portman, Michelle Obama and Jennifer Lopez, amongst other hi-profile names, took to Instagram this weekend to express his gratitude to his team.

"I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand," he explained.

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The designer continued, "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."

Notable leaders in the fashion industry also took to social media in support of the acclaimed creative, with Nina Garcia addressing the impact he's had on American fashion.

"He is truly a gifted designer. You only have to wear one of his gowns once to understand the transformative nature of his work. The craft is in not only his design, but in the fit and the elegance; in the joy Zac spreads to whatever he touches," the Elle editor-in-chief wrote.

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Some of Posen's most noteworthy designs include Gwyneth Paltrow's Oscars dress in 2007 and Katie Homes' 3D-printed Met Gala gown.