Luxury fashion brand Reed Krakoff has announced it will be suspending operations for an unspecified amount of time while searching for an investor, according to Women’s Wear Daily .
The company plans to “refocus on the accessible luxury segment of the accessories market,” according to a statement, signifying a shift from its ready-to-wear collections, which consistently received lukewarm reviews, to lower-priced goods.
Its store on Madison Avenue in New York will close in about three weeks, while two other New York stores will remain open, along with its e-commerce site. About 30 employees will stay on board with the brand through this transition.
The Council of Fashion Designers of America named Krakoff Accessory Designer of the Year in 2012, with its $900 handbags selling well at department stores like Neiman Marcus and Saks Fifth Avenue. But outside the cozy walls of department stores, Reed Krakoff’s namesake brand struggled for years; its Tokyo store closed shortly after opening, and plans for brick-and-mortar locations in Washington D.C. and Paris never materialized.
But Krakoff, a former executive creative director at Coach, hasn’t lost all hope for his five-year-old company’s future. Per a statement: “the company is reviewing all strategic options for the brand, which may include production and distribution partnerships or a sale of the business and the brand.”