The founders of the company, Carol Lim and Humberto Leon, announced that the company will shutter all of its stores in 2020, the news comes just a day after New Guards acquisition.
Opening Ceremony bids farewell to retail. The American company, founded in 2002 by Carol Lim and Humberto Leon, has announced on its social networks the closure of all its stores on a global scale in 2020. The news comes a day after New Guards acquisition of the brand’s trademark and intellectual property.
“We’ve made a decision to focus on growing Opening Ceremony collection and brand with our new partners, New Guards Group, and expand the designs of Opening Ceremony,” explained the founders in a statement posted on the company’s Instagram profile.
The announcement also enlightened that Opening Ceremony will continue to exist as a single brand, and no longer as a multi-brand retailer. “We are stepping back from multi-brand retail, for a moment, so we can come back with an experience that is just as inspiring,” Lim and Leon wrote.
The news comes 24 hours following the company’s acquisition by the luxury ecommerce group Farfetch
The news comes 24 hours following the company’s acquisition by the New Guards Group, which Farfetch owns. Opening Ceremony has four multi-brand stores in cities such as New York, Los Angeles, London and Tokyo.
The American company opened the doors of its first store on Howard Street in New York on September 1, 2002. Following the purchase of the company by Farfetch, the founders will continue to be the directors of the company and its creative directors.