Cult “opening Ceremony” has been acquired by Farfetch’s New Guards Group, the backer of brands like Palm Angels and Off-White. As part of the deal, NGG now owns Opening Ceremony‘s trademark and intellectual property. While the complete terms of the deal have not yet been disclosed, the Italian group is reportedly taking control of the production and distribution of Opening Ceremony’s in-house line of clothing and accessories starting with the FW20 season. Opening Ceremony’s retail business, including its stores in New York, Tokyo and Los Angeles, the reports added. Lim and Leon first founded Opening Ceremony in 2002. Over the course of its rise, the retailer has debuted many high-profile collaborations with a roster of various brands including In 2019 alone, the retailer unveiled multiple collaborations, including collections with Wrangler and Hoka One One and Russell Westbrook that each tapped into some of the year’s hottest trends: athlete-backed apparel, sneaker culture and gender-neutral fashion. Opening Ceremony comes under the wing of NGG just days after the group revealed it had acquired Japanese jewelry label turned streetwear brand, Ambush.