It has been reported on Business of Fashion that the Farfetch-owned luxury fashion holding company New Guards Group (NGG) will acquire the intellectual and trademark property of cult retailer and label Opening Ceremony. Exact details of the purchase have not been disclosed.

So, what does this mean? While Opening Ceremony's founders Carol Lim and Humberto Leon will remain as co-creative directors, NGG plans to relocate the company's in-house production line to Milan, relaunch Opening Ceremony's website on Farfetch, and introduce a new showroom for the brand in Paris. Business of Fashion also reports that NGG plans to focus on Opening Ceremony's in-house line to include more frequent releases and expanded categories.

The news signals a big change for Lim and Leon, whose prophetic taste for collaborations led to Opening Ceremony being regarded as one of the most influential stores of the last decade. The duo will reportedly maintain ownership of the brand's four brick-and-mortar locations in New York, Los Angeles, and Tokyo.

Founded in 2015 by Marcelo Burlon, Claudio Antonioli, and Davide De Giglio, NGG (which is also a license holder for Off-White™, Palm Angels, and Heron Preston) made headlines recently for taking a majority stake in Yoon Ahn's label AMBUSH and for being acquired by Farfetch for a cash-and-shares purchase of $675 million last year.