PHI Collection to Shut Down

I dislike being the bearer of horrible, horrible, bad news but I've just read on WWD that Susan Dell's PHI Collection is going to close shop.

PHI Collection Fall Winter 2009 Ad Campaign

Phi, the critically-acclaimed label founded by Susan Dell in 2003, is closing, another victim of the recession.

The collection had developed a cult following in the New York fashion scene.

But the pre-spring delivery, which arrived in stores this month, will be Phi's last, and the Phi boutique at 71 Greene Street in SoHo is expected to close at the end of next month. The company cited economic conditions for the decision.

"It's a really challenging climate right now for luxury goods," said Phi chief executive officer Julia Hansen. "There is not so much confidence in that market going forward."

Anyway, I can't help but wonder how much they paid the legendary Steven
Meisel and the BIG girls (Sasha, Natasha) for their Fall 2009 ad
campaign. In this harsh financial climate, every penny counts.

What a travesty.

I'm just starting to get myself interested at PHI after seeing their work (their Spring 2010 collection is one of my faves) and now comes news they're shutting down. So sad.

Farewell, PHI!

photo credit: PHI