American fashion designer Marc Jacobs’ namesake brand has announced the closure of its last remaining retail shop in London (UK) as well as the impending shuttering of several European outlets.
The LVMH-owned brand will close the last flagship on Mayfair’s Mount Street soon and continue retailing through its brick and mortar partnerships with multi-brand stores like Selfridges and Harvey Nichols.
Currently,Jacobs has stores in the European states of France, Italy, Luxembourg, and Norway among others but a confirmation has not been made regarding which other shops will be closing their doors. However, the label has informed that the Paris site at Rue Saint Honoré will be unaffected by this raid.
This news from Marc Jacobs just confirms that the fashion brand is going through a seriously problematic period. The advent of this can be blamed on the company’s consolidation drive in 2015 which constituted the folding of it highly successful mid-range brand Marc by Marc Jacobs. Ever since its 2001 launch, the vertical had become a prolific business and accounted for more than 80 percent of the Jacobs-led brand’s overall revenue.
The struggle might also be because of Jacobs’ decision to stage his recent shows in a much pared down manner and killing all the razzmatazz, which is what made the brand famous in its heyday.
Also adding to the turmoil are rumours surrounding the exodus of Marc Jacobs himself from the label, who currently owns a 20 percent stake along with his partner Robert Duffy in the business.