This year, Opening Ceremony will close all of its stores.
That's the word from brand co-founders Carol Lim and Humberto Leon, per Business of Fashion's report on Tuesday. Previously, the brand's trademark and intellectual property was sold to New Guards Group.
"Our curiosity and entrepreneurial spirit have been at the centre of Opening Ceremony since we founded the company and our continued search for innovation led us to this partnership with Davide de Giglio and Andrea Grilli, who have created one of the best global brand platforms in existence today," the two said in a joint statement earlier this month, teasing the future of the brand with word of a relaunch boasting "dynamic infrastructure."
New Guards Group also recently bought a majority stake in the Japanese label Ambush.
Additional info on the closing of Opening Ceremony's four retail stores was not made immediately available on Tuesday. Initial reports on the New Guards acquistion, however, included word that the group was planning to take over Opening Ceremony's in-house line.