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Fashion designer Zac Posen abruptly shuts down namesake label

12:40 PM | 5 Nov, 2019
Fashion designer Zac Posen abruptly shuts down namesake label

Fashion designer Zac Posen is shutting down his namesake label. 

The fashion designer, a red-carpet favourite for the best part of two decades, famed for his figure-hugging gowns, said he was “deeply saddened” that the company could not continue operations, citing an increasingly challenging fashion and retail landscape.

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"The Board of Managers is disappointed with this outcome but can no longer continue operations and believe an orderly disposition at this stage is the best course of action, under the circumstances," according to a press release.

"I've been personally trying to find the right partner for some time," Posen told Vogue. "But time ran out, and the difficult climate out there… it's not an easy time in our industry."

"I want to express my appreciation to our extraordinary team and for all those who have stood by me and the brand," Posen said in a statement. "I owe a great deal of gratitude for their unwavering support for and dedication to the Company."

A graduate of Central Saint Martins, Posen propagated an aesthetic that attended to the glamour of old Hollywood, and quickly gained immense popularity among A-listers, dressing the likes of Oprah Winfrey, Rihanna, Kate Winslet, Gwyneth Paltrow, Uma Thurman, Naomi Campbell, and Katie Holmes.

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In 2004, Posen was awarded the prestigious Perry Ellis Award for Womenswear by the Council of Fashion Designers of America.

In 2017, a documentary titled "House of Z," highlighted Posen's early success and subsequent struggles to run his business. He has judged a reality competition show "Project Runway" from 2012 to 2018 and is the current creative director of womenswear at Brooks Brothers. 

Posen also debuted at the Met Gala this year. Jourdan Dunn, Katie Holmes, Julia Garner, Nina Dobrev and Deepika Padukone all sported his 3D printed gowns to the event. 

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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