The US-based apparel brand and retailer Opening Ceremony has been bought by Farfetch-owned New Guards Group (NGG), which also boasts of renowned streetwear brands Palm Angels and Off-White.
The terms of the agreement were, however, not disclosed.
As per media reports, NGG also acquired Opening Ceremony’s trademark and intellectual property. Here it is important to note that Humberto Leon and Carol Lim, who are the founders of the retailer, will continue to be the co-creative directors.
However, in yet another development on 14 January, Opening Ceremony announced on its Instagram account that it will be shutting all of its 4 stores.
Reportedly, NGG will take over the production of Opening Ceremony’s in-house line.
Over the years, Opening Ceremony has collaborated with big brands like Topshop, Reebok, Disney, Esprit, Gentle Monster and Columbia among others.