Reed Krakoff’s eponymous luxury label is suspending design and production operations while it seeks outside investment.
According to a statement, the 5-year-old company plans to “refocus on the accessible luxury segment of the accessories market” and will shutter its store on Madison Avenue in New York within the next three weeks, but its Soho and Woodbury Commons outposts will continue to operate, as well as its e-commerce arm. About 30 employees will remain with the company for the time being.
Despite transforming Coach—his employer of 16 years—from a $500 million company into one with sales of more than $5 billion, Krakoff has struggled to achieve success with his upscale namesake.
Since buying the brand in 2013 from Coach, the company has changed CEOs three times and most recently opted not to show its Fall ’15 collection at New York Fashion Week.
According to the statement, the company and its backers are “reviewing all strategic options for the brand, which may include production and distribution partnerships or a sale of the business and the brand.”