Sadly, Phi is the latest victim of the worldwide recession, announcing earlier today that they would be closing due to the economic conditions. The acclaimed label was founded by Susan Dell in 2003 and, under the creative direction of Andreas Melbostad, became a celebrity favorite.
“It’s a really challenging climate right now for luxury goods,” said Phi chief executive officer Julia Hansen. “There is not so much confidence in that market going forward.”
Details on Phi’s closure are still scarce however WWD reports that the pre-spring delivery, which arrived in stores this month, will be their last. The Phi boutique on Greene Street in Soho will likely close by the end of January.
According to a statement, the company plans to offer their employees, who were told of the decision earlier today, “transitional support” in the coming months, as the operation winds down.
Fans of the label, which had developed a huge cult following in New York, include Erin Wasson, Kate Lanphear, Carine Roitfeld and Vanessa Traina.
Source: Susan Dell’s Phi Label Shutting Down [WWD]