Ivanka Trump Will Shut Down Her Fashion Label
According to the Wall Street Journal, Ivanka Trump, the first daughter, is about to shut down her eponymous fashion brand. She is currently the senior advisor to her father, President Donald Trump. Ivanka stepped down from her brand last year so she can join her father at the White House. However, she kept her ownership interest in the brand through a trust.
It’s still unclear what made Ivanka Trump say goodbye to her fashion label, but there are a few possible reasons. First of all, the brand faced a huge backlash ever since Donald Trump became the President of the US. The Trump family was accused that they are using the president’s position to benefit their business interests. As a response to those accusations, Ivanka Trump decided to step down from her own brand in January 2017. However, Ivanka got herself into another controversial situation when she won a bunch of trademarks in China. Shortly after that, her father vowed to look for ways to prevent ZTE, a huge Chinese telecommunications company from going bust.
Another reason might be the rumored significant drop in sales. Since the Ivanka Trump label is privately owned, financial records aren’t available. However, many huge retailers have stopped to sell the brand citing poor sales as a reason. The brand faced a boycott by those opposed to Donald Trump which led retailers like Nordstrom, Hudson’s Bay, Belk, Neiman Marcus and more to remove Ivanka Trump’s products from their stores.
Ivanka Trump, on the other hand, claims that she is shutting down her brand to focus on her current career in public policy. According to sources she has no intention to go back into the fashion business anytime soon, so it didn’t make sense for her to keep the brand.
“When we first started this brand, no one could have predicted the success that we would achieve. After 17 months in Washington, I do not know when or if I will ever return to the business, but I do know that my focus for the foreseeable future will be the work I am doing here in Washington, so making this decision now is the only fair outcome for my team and partners,” Ivanka Trump said in a statement.
Abigail Klem, the current president of the brand, said that this “was a very difficult decision for Ivanka.” A total of 18 people will reportedly be affected by the company shutting down.
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