Reed Krakoff suspends namesake label

Luxury fashion brand Reed Krakoff has "suspended all future design and production" for an unspecified amount of time as it searches for an investor. The break, according to the New York-based label, will allow the company to "refocus on the accessible luxury segment of the accessories market", signifying a shift from its ready-to-wear collections.

"The company will suspend all future design and production, while continuing to operate its Greene Street and Woodbury Commons stores, as well as the reedkrakoff.com e-commerce site," a statement from the label confirmed. "In addition, the company is reviewing all strategic options for the brand, which may include production and distribution partnerships or a sale of the business and the brand."

The move means that the five-year-old brand will be closing its store on Madison Avenue in New York in about three weeks, while retaining around 30 members of staff to help with the transition.

Krakoff, formerly creative director of Coach, bought his namesake brand from his previous employer a year and a half ago, and while his accessories have seen strong sales his ready-to-wear pieces have received lukewarm reviews. Financial difficulties were reported before fashion week when the designer opted not to show his autumn/winter 2015 collection, stating at the time he was focusing on its SoHo store opening.