P.S. We Love You Looks from the fall 2011 Proenza Schouler collection.
Last month, Proenza Schouler‘s Jack McCollough and Lazaro Hernandez set some kind of land-speed fashion achievement record by collecting their second womenswear designer of the year award from the Council of Fashion Designers of America for a label that is less than a decade old. Today the dynamic duo have new bosses in fashion industry veterans Andrew Rosen (Theory) and John Howard (Irving Place Capital), who head up a group of investors that have acquired a non-majority stake in Proenza Schouler from European private equity firm Permira. Financial terms of the deal, which was first reported this afternoon by WWD, were not disclosed, and Permira-owned Valentino Fashion Group will retain a small share in Proenza Schouler. A statement received by WWD describes the new partnership as a “recapitalization” that will allow the brand to blossom. “We believe that the Proenza business is the future of American luxury, and uniquely poised to compete in a global marketplace, which is currently dominated by European designers,” said Rosen and Howard in a joint statement issued today. “In infusing this brand with our resources and experience, we will position this business to achieve its full potential.”