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Kering is calling it quits on Tomas Maier. The company announced on Monday that it is ending its partnership with the label and will cease all operations.

The joint venture partnership, which included the development of the Tomas Maier label and an investment, first began in 2013 while German-born designer Maier served as Creative Director of Kering label Bottega Veneta. Maier founded his namesake label in 1997, offering swimwear before expanding to a full lifestyle collection.

Tom Ford appointed Maier as Creative Director of Bottega Veneta in 2001, and the label under his leadership reached $1 billion in revenues in 2012 and was at one point Kering’s second largest house. Maier recently stepped down from his role this month and has been succeded by Céline design alum Daniel Lee.

Kering has made many changes to its portfolio in this year alone. The company that owns Gucci, Saint Laurent and Alexander McQueen among other labels reduced its ownership of Puma to start the year, sold 50 percent of its stake in Stella McCartney back to the label’s founder in March after a 17-year partnership, and will sell its 51 percent stake in Christopher Kane back to the label’s founder after five years in business together.

As for Tomas Maier, the designer still owns his label’s trademarks, according to Kering.