The apology follows a series of protests accusing the house of discrimination.
The L’Oréal heiress remains under the protection of her daughter and two grandsons.
The Minneapolis-based retailer plans to resume the talks later this year.
The collection of 26 pieces will be hitting stores for Valentine’s Day, beginning Feb. 8.
Peacocks has more than 600 stores in the U.K., and has recently been upping its fashion quotient, with collections designed by London socialite Pearl Lowe.
Five winners each received a stipend to produce his or her garments — to be unveiled at the brand’s 20th-anniversary event at Bergdorf Goodman’s in February.
“Joaquín Sorolla & The Glory of Spanish Dress” is on view through March 10 at the Queen Sofía Spanish Institute.