Less than 24 hours after being acquired by Farfetch-owned platform New Guards Group, Opening Ceremony has announced it will close all stores by the end of 2020.
The news came via a series of Instagram posts from the company’s founders Carol Lim and Humberto Leon.
“It’s incredibly emotional for us to announce today that we will be closing our Opening Ceremony retail locations sometime in 2020,” the pair wrote. “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.”
They added: “We know our decision may surprise you. Ultimately, in this time of immense change in the way that people shop, we still believe in the power of passionate and unique retail. This is a moment of transition for Opening Ceremony and, together with our new partners, we are taking the chance to step back and evaluate the future of our Opening Ceremony retail experience.”
Opening Ceremony currently has two stores in New York, one in Los Angeles and one in Toyko.
The pair explained Opening Ceremony will continue as a brand, not a 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, filled with love and relevant for the years ahead as Opening Ceremony has been.”
It comes after New Guards Group yesterday acquired the Opening Ceremony trademark and intellectual property rights in an undisclosed deal, with plans to take over production of Opening Ceremony’s in-house line.