jenslaugesen_closes.jpgSad news this week from Danish-designer Jens Laugesen, who has decided to close his doors on his label after six years.

The 2006 winner of Paris's Andam award, and recipient of multiple British Fashion Council awards, has become the latest financial crisis victim. Laugesen cited a lack of investment and declining sales as the reasons behind his decision to pull the plug.

"I won all the awards possible, had sponsorship in both London and Paris, but you still need some extra funding and it didn't happen," he said. "I am very thankful for all the support I have received over the last six years."

He also created capsule collections for Topshop and eyewear for Linda Farrow Vintage. But, as he concedes, this all adds up to nothing if you can't fund next season's development.

"I'm looking forward to putting my design philosophy into practice, either with my own brand with a structured, grown-up business or in the role of creative director for an existing brand," he added.

Meanwhile, another Danish designer Camilla Staerk has also had her eight-year buisness shut down by Danish fashion company, Bestseller. Poor sales from the spring 2009 line are believed to be the reason behind the decision.