Potsdam-based fashion house Wunderkind has let go most of its 50-person staff, disbanded its in-house atelier and canceled its March Paris Fashion Week show.
The label, wore by numerous celebrities including Olivia Palermo, was founded by Wolfgang Joop and Edwin Lemberg in 2003 and has yet to break even, although executives said last year that they expected the threshold to be hit in 2012.
However according to an official statement, Hans-Joachim and Gisela Sander, who own a 65 majority stake in the company, have reportedly become impatient with the pace of change at the brand and are currently working out a new concept and direction with Joop.
