Blackstone-backed handbag maker Simone Acc Collection said Thursday it has dropped its plan to go public, dashing hopes for the New York-based private fund investor’s exit from its South Korean portfolio firm.

According to the filing with the Financial Supervisory Service, Simone has canceled the upcoming plans for an IPO and listing on the Korea Exchange. Its lead underwriters were Samsung Securities and Mirae Asset Securities.

The news came after its two-day book building targeting institutional investors ended Tuesday, a stage where investors discover the IPO price to allow the company to raise up to 400 billion won ($340 million). Simone said in a statement the company “needs more time to heighten its corporate value,” citing COVID-19 uncertainties in the stock market.

Simone sought to list 8.4 million common shares on the stock market following an IPO involving Blackstone’s partial exit. The IPO plan was rescheduled twice in September.

Simone is a family-run handbag original design manufacturer headquartered in Uiwang, Gyeonggi Province. It was founded by Chief Executive Officer Kenny Park in 2015.

In 2015, Blackstone invested $300 million for a 30 percent stake in the company, which serves clients including Michael Kors, Coach, Kate Spade, Tory Burch and Marc Jacobs.