New York-based retailer Opening Ceremony has been sold to U.K. online retailer Farfetch‘s New Guard’s Group (NGG), a Milan-based holding company that owns the rights to production of Off-White, Palm Angels, Heron Preston and more.
According to Business of Fashion, NGG has acquired the Opening Ceremony and trademark and intellectual property with plans to take over production of the retailer’s in-house line.
Humberto Leon and Carol Lim, who launched the store in 2002, will remain co-creative directors of the brand, with a focus on collaborations and the in-house label.
As part of the deal, production of Opening Ceremony’s in-house will move to Milan. As well, Opening Ceremony’s website will be relaunched on Farfetch’s platform and the company will open a showroom in Paris. Opening Ceremony’s in-house label is responsible for 25 percent of the company’s annual revenue and the goal is to significantly expand that percentage.
At the same time, Leon and Lim will continue their roles as owner of Opening Ceremony’s four retail stores, which include the original Howard Street location in Manhattan, a shop located inside Ace Hotel New York, plus a location on La Cienega Boulevard in Los Angeles and on Omotesando in Tokyo.
Leon and Lim appear to be pulling back from an all-consuming presence in the fashion industry with news of the OC sale following their announcement in June of 2019 that they were stepping down from their role as Kenzo creative directors.