New York-based luxury fashion label Sies Marjan has shut down its operations after five years in business.

Although the brand was backed by billionaire investors, Sies Marjan was financially affected by the impact of Covid-19 pandemic.

“What we have worked on has been a dream come true,” said Sander Lak, creative director of Sies Marjan. “Thank you to everyone who has given their time and talent to Sies Marjan over the years.

“We have built a singular brand whose legacy is not just in the clothes and collections but within each person who contributed along the way.”

Named after Lak’s parents, Sies Marjan made its debut at the New York Fashion Week in 2016 and became famous for its colourful palette.

The luxury brand successfully secured funding from billionaires, Howard and Nancy Marks, with an estimated net worth of US$2.2 billion. However, Sies Marjan faced a setback after its major stockist Barney New York went bankrupt last year.