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Zac Posen shuts down eponymous fashion label

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Designer Zac Posen is closing his stamp of the same name.

Posen, who has been a favorite of the red carpet for nearly two decades, is known for glamorous, body-hugging dresses, often with long trains or fancy frills, for stars like Katie Holmes and Rihanna.

An announcement by the owners, House of Z and Z Spoke, said on Friday the company could no longer continue its operations. It was in the process of being sold.

Posen, 39, said he was "deeply saddened by the end of the nearly 20-year journey." He released his label in 2001.

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"The management team … worked very hard to navigate the increasingly challenging fashion and retail landscape," he said in a statement. “We are disappointed that these efforts were unsuccessful and deeply saddened by the fact that the journey of nearly 20 years has come to an end.

“I am grateful to the team who lent their unparalleled talent and commitment along the way. I remain incredibly proud of what we have created and hopeful for the future. "

Posen also serves as creative director of the Brooks Brothers women's collection.

Her featured projects include a mermaid dress for Gwyneth Paltrow at the 2007 Oscars, an off-the-shoulder dress with a sequin skirt for Oprah Winfrey at the 2011 Oscars and a pink satin dress for Rihanna at the Diamond Ball 2014.

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