Fashion designer Zac Posen announces shock end to his business

Zac Posen shot to stardom when he was 21 and still living with his parents. Photo / AP

Fashion designer Zac Posen has abruptly shut down his business.

The 39-year-old designer to celebrities told Women's Wear Daily "the board made a difficult decision."

"We were in a sale process and we ran out of time."

About 60 employees were informed they were being let go last week, according to Vogue.

Posen just showed his spring 2020 collection during New York Fashion Week in September, however items will not ship the company said.

Posen and model Naomi Campbell greet the crowd after his Fall 2015 collection is modelled during Fashion Week, in New York. Photo / AP

Posen, a native New Yorker, founded his business in 2001 when he was 21 and still living with his parents on an allowance of US$15 a day, New York Post reported.

He was dubbed a "boy wonder" following his meteoric rise to fame with the help of supermodel Naomi Campbell.

"I need to reflect and regroup," Posen told Vogue, "and also to look at the world we're living in and figure what the next move is, where I can share my creativity and my love, and build another community."