New York fashion label Sies Marjan closes its door
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New York-based luxury fashion label Sies Marjan has shut down its operations after five years in business.
Although the brand was backed by billionaire investors, Sies Marjan was financially affected by the impact of Covid-19 pandemic.
“What we have worked on has been a dream come true,” said Sander Lak, creative director of Sies Marjan. “Thank you to everyone who has given their time and talent to Sies Marjan over the years.
“We have built a singular brand whose legacy is not just in the clothes and collections but within each person who contributed along the way.”
Named after Lak’s parents, Sies Marjan made its debut at the New York Fashion Week in 2016 and became famous for its colourful palette.
The luxury brand successfully secured funding from billionaires, Howard and Nancy Marks, with an estimated net worth of US$2.2 billion. However, Sies Marjan faced a setback after its major stockist Barney New York went bankrupt last year.
Questions & Answers
Q.What were the primary reasons for Sies Marjan closing its doors?
What were the primary reasons for Sies Marjan closing its doors?
The luxury fashion label was significantly impacted financially by the Covid-19 pandemic. Also, a major setback occurred when their key stockist, Barney New York, declared bankruptcy last year, further complicating their operations.
Q.Despite billionaire backing, why did Sies Marjan still struggle financially?
Despite billionaire backing, why did Sies Marjan still struggle financially?
Although the brand had funding from billionaires Howard and Nancy Marks, the severe financial effects of the Covid-19 pandemic were a major contributing factor to its closure. The bankruptcy of a key stockist also posed a significant challenge.
Q.When did Sies Marjan first launch, and what was it known for?
When did Sies Marjan first launch, and what was it known for?
Sies Marjan made its debut at New York Fashion Week in 2016, following its establishment five years prior. The brand quickly became renowned for its distinctive and vibrant colourful palette in its collections.
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