Updated: Luxury womenswear brand Halston looks set to scrap its designer collection in favour of lower-priced range Halston Heritage as designer Marious Schwab becomes the latest senior figure to leave the brand.
It is reported that his contract, which has already expired, will not be renewed. It is also understood that there will not be a Halston spring 12 collection and it is unclear if stockists will receive their autumn 11 orders.
The news comes just hours after it emerged that film producer Harvey Weinstein is selling his stake the brand and weeks after Sarah Jessica Parker left her role as president and chief creative officer Of Halston Heritage.
It is understood that Weinstein, better known as a Hollywood movie mogul, is seeking between $1m and $1.5m (£621,322 - £931,984) for his stake, which is thought to be around 10%. He did not have an operational responsibility at the brand.
His decision to sell comes as the business is thought to be in the midst of restructuring its debt, details of which are due to be announced in the next couple weeks. The brand’s parent company Hilco has invested $7.5m (£4.7m) of new capital in the business over recent months after it showed some growth.
Parker, who joined the business in January 2010, oversaw the Halston Heritage range and also had an equity stake in the business, for which it is reported she could receive up to $3m (£1.9m).