Zac Posen, red carpet favorite, shuts down fashion label

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2019 Invision

FILE - In this May 6, 2019, file photo, designer Zac Posen, left, and Katie Holmes attend The Metropolitan Museum of Art's Costume Institute benefit gala celebrating the opening of the "Camp: Notes on Fashion" exhibition in New York. Posen is shutting down his namesake label. Posen has been a red carpet favorite for close to two decades. Hes known for glamorous, body-hugging gowns, often with long trains or big, flamboyant ruffles, for stars like Holmes and Rihanna. (Photo by Charles Sykes/Invision/AP, File)

NEW YORK, NY – Designer Zac Posen is shutting down his namesake label.

Posen has been a red carpet favorite for close to two decades, known for glamorous, body-hugging gowns, often with long trains or big, flamboyant ruffles, for stars like Katie Holmes and Rihanna.

An announcement from the label's owners, House of Z and Z Spoke, noted late Friday that the company could no longer continue operations. It had been in a sale process.

Posen, 39, was considered a wunderkind of New York fashion when he launched his label in 2001. He also serves as creative director for the Brooks Brothers women's collection.

"The management team ... worked extremely hard to navigate the increasingly challenging fashion and retail landscape," he said in a statement Friday. "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."

Among Posen's many prominent designs was a mermaid-like gown for Gwyneth Paltrow at the Oscars in 2007, an off-the-shoulder gown with brightly sequined skirt for Oprah Winfrey at the Oscars in 2011, and a fitted pink satin gown for Rihanna at the Diamond Ball in 2014.

He swathed actress Claire Danes in pastel blue organza at the 2016 Met Gala, with a twist: her Cinderella-inspired dress was made with fiber optics, and it lit up in the dark.

Katie Holmes was a frequent client, and his swirling purple, one-shouldered gown for her at this year's Met Gala included cutting-edge 3D-printed elements.