Sies Marjan is closing down its business amid the ongoing coronavirus pandemic.

Founded by Dutch designer Sander Lak, the brand was known for its bright collections and was one of the popular shows at the New York Fashion Week. The label was funded by billionaire couple Nancy and Howard Marks.

The brand started facing troubles in the previous year when one of its major stockist, Barneys filed for bankruptcy. This year, the ongoing coronavirus pandemic impacted a lot on the economy as well as the fashion industry.

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

Lak was previously the design director of Dries Van Noten and his other stints include Balmain and Phillip Lim. He launched Sies Marjan at the New York Fashion Week in 2017. Last year, the designer made the decision to launch the label’s first men’s only show in Paris during Paris Fashion Week.