Designer Zac Posen is shutting down his namesake label. Posen has been a red carpet favorite for close to two decades, known for glamorous, body-hugging gowns, often with long trains or big, flamboyant ruffles, for stars like Katie Holmes and Rihanna. An announcement from the label’s owners, House of Z and Z Spoke, said that the company could no longer continue operations. It had been in a sale process. Posen, 39, was considered a wunderkind of New York fashion when he launched his label in 2001. He also serves as creative director for the Brooks Brothers women’s collection. Read more at Time.