More details emerge on the fate of Peter Som's label after yesterday's news of his split with financial backer Creative Design Solutions. The label will remain self-financed while it looks for another financial partner, and Som is working on the fall 2009 collection. It won't walk at Fashion Week next month, but label CEO Elana Posner told WWD that they're trying to find a way to show it to press and buyers.
“We had already planned on reducing the size of the collection,” Posner said. “We will work with our key accounts. We are exploring every option, whether it be a showroom presentation, a look book or private sales and press appointments. We plan to find a solution that meets the needs of our retailers and the press that is also cost-effective.”
The CEO of CDS said the company needs to focus on its other businesses: Lord & Taylor and the Bay department stores. Indeed, these are tough times for young labels like Som's, which started in 2001. "I remain creatively inspired and am looking forward to exploring opportunities where we can grow with the right partner, or on our own," Som said. Anyone else ready for 2010?