Opening Ceremony is to shutter its four boutiques this year.
On Tuesday, co-founders Carol Lim and Humberto Leon announced that the brand had been acquired by executives at Milan-based company New Guards Group, which also oversees labels including Virgil Abloh's Off-White, Palm Angels, Heron Preston, and Kirin by Peggy Gou.
Lim and Leon are remaining with the brand as creative directors, but in a lengthy statement posted on the Opening Ceremony Instagram page, they confirmed that the firm's two stores in New York and boutiques in Tokyo and Los Angeles will shutter.
"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. Our brand takes the beautiful spirit of experimentation, fun, and collaboration embodied in our stores and imbues this energy into the clothing we make," they wrote. "We know our decision may surprise you and it may be interpreted in many different ways. Ultimately, in this time of immense change in the way that people shop, we still believe in the power of passionate and unique retail. But we also believe in the necessity for change, reflection and an opportunity to refresh. 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."
Since launching in 2002, Opening Ceremony has become known for offering an eclectic mix of clothing and accessories, as well as for its collaborations with brands such as Rodarte, Disney, Adidas Originals, and Reebok.
And to conclude their statement, Lim and Leon explained that they are "immensely proud" of what they were able to achieve over the years.
"With our constant desire to reinvent, we will return to creating stores, but with a different mindset and perspective in order to wow people who are self-proclaimed shop-til-we-drops like us," the pair added. "Our deepest thanks goes to our dedicated employees, without whom Opening Ceremony would not have the humanity, kindness, and spirit of friendship that it is known for."
© Cover Media