Famous for dressing Blair Waldorf, the 43-year-old actor is planning to focus his attention online and on license-based operations. Matthew Williamson and company co-founder Joseph Velosa said in a statement: "As we celebrate our 18th year in the business, it's really exciting to be able to rethink our company and set new ideas in place.
"Over the years the industry and consumers have changed and we're keen to address and respond to that. The aim is to refresh what's there and create a lifestyle brand that we're both truly proud of both creatively and commercially."
A new website will launch early next year, with the London store relocating to another spot and operating as a showroom and appointment-only boutique for online customers.
Business director Rosanna Falconer said: "Our online success can be traced to our focus on delivering product with love and attention - that personal offline relationship that can often be overlooked in e-commerce." That said, the brand has caved in to customers' "buy now, wear now" mentality.
The brand will continue to produce six collections a year and feature at London Fashion Week, though not necessarily in a 'show' capacity. Matthew's partnership with Debenhams on his Butterfly collection will continue, and he also has collaborations lined up with Osborne & Little, The Rug Company and Blakes Hotel.