The decision is based on a careful and long-term assessment of the brand's future conditions, the company writes in a press release, reports Aftonbladet.
"The development did not go in the direction we had hoped and it affected our opportunities to run the brand as we want", writes CEO Nina Ghazanfari.
Bianca Ingrosso writes on Instagram that the decision to wind up the business was taken "after careful consideration".
"Sometimes it does not turn out as you thought, but it has been an extremely educational journey with a totally fantastic team. I am incredibly proud of what we have achieved!"
