LONDON — The new owners of British label Ghost plan to close down wholesale distribution worldwide and shutter their stand-alone stores in New York and Los Angeles.
The company said in a statement Friday that spring 2007 would be the last collection to be wholesaled and delivered. The U.S. stores will close early next year.
Company principals said the decision was aimed at streamlining the Ghost business.
“These two moves simplify our business model and allow the Ghost team to focus on both broadening the collection and the U.K. retail expansion,” said Sandy Goldsbrough, managing director.
The wholesale operation has annual sales of 2 million pounds, or $3.78 million, and 150 accounts worldwide.
Ghost founder Tanya Sarne sold a controlling stake in the company to Kevin Stanford, the British retail entrepreneur, and the Icelandic investment group Arev Management. Sarne, who founded Ghost in 1984, is no longer involved with the business.
A company spokeswoman said the general strategy going forward is to put the sales focus “back on retail” and build up boutiques and in-store concessions in the U.K., as well as sharpen the merchandising of the line.
The new owners also plan to lower the collection’s price points, appeal to a broader customer base and eventually return to London Fashion Week with a more focused collection.