Ivanka Trump closing company
NEW YORK — Ivanka Trump is shutting down her fashion line of dresses, shoes and handbags.
The president’s daughter said in statement she made the decision so she could focus more on work as a White House adviser. She had stepped away from the day-to-day management of her company when she joined President Donald Trump’s administration.
“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,” she said. She called the move the “only fair outcome for my team and partners.”
The Ivanka Trump brand has been buffeted by politics. Sales appeared to surge at times due to her celebrity as the U.S. president’s daughter only to get battered as those who disliked her father’s policies urged shoppers to boycott the line.
The company said its business was strong and the decision to shut down had nothing do with its performance. Shutting down the brand means 18 people will lose their jobs.
Her company has been criticized for making its products in Chinese factories, for the conditions in those factories, and for being granted trademarks by governments such as China that would want to curry favor with the president.
Since it is a private company, it is difficult to judge just how well Ivanka Trump’s business has been faring. The bulk of her assets, more than $50 million, is contained in a trust that holds her business and corporations. The trust generated over $5 million in revenue last year, according to a financial disclosure report filed with the government.
When Ivanka Trump joined the White House as adviser to her father, she agreed to several restrictions so that her financial interest in the business would not conflict with her public role as a White House adviser.
