Proenza Schouler bought control of her own house from Castanea Partners at the latest change in ownership in the avant-garde fashion house in New York. Within the game, the house will also radically revise its top management team with the departure of the current Chief Executive Officer and its Chief Financial Officer.
The change of control marks the fifth significant ownership structure in ten years and a half on a highly admired fashion brand in downtown Manhattan. Although all fashion editors are supported, Proenza Schoulero was somewhat financially.
Duo of founding designers, "Jack McCollough and Lazaro Hernandez, together with a new group of private investors, bought Proenza Schouler, and an important round of new capital has grown during this process to invest in the company's growth and development strategy," he said in a press release.
"We are delighted to have embarked on this exciting new chapter of Proenza Schouler and we are delighted by the team of industry leaders who have helped us with our full potential," he said.
This new injection of capital will enable the brand to expand globally by focusing on its core business in luxury clothing, leather goods and PSWL and will continue to support its licensing partners L Oreal and Luxury Luxury Group " .
Proenza Schouler, founded in 2002 by two graduates of the Parsons School of Design, McCollough and Hernandez, owes its name to the couple's mother-to-mother names.
Several new traders in New York received such recognition. Proenza Schoulerová won the CFDA Vogue Fashion Fund in 2004, and in 2007, 2011 and 2013 she won the CFDA Womenswear of the Year Designer three times. Her recent double season, which she published in Paris, was also criticized as very favorable.
However, the artistic ability of the house has never been associated with business success. Initially, the owner of a chain of German cafes supported them before Valentino Fashion Group earned 45% in 2007. Four years later, he became a new team of investors, including Andrew Rosen and John Howard, before Castanea Partners acquired a minority stake, and in 2015 installed Judd Crane as CEO.
The fashion house added that Chief Executive Officer Judd Crane and Chief Financial Officer John Paolicelli will immediately leave their positions. They will be replaced by Kay Hong and Jonathan Friedman, while Mary Wang enters as Director of Traffic.
Hong is an industry veteran who was recently CEO of Torrid Inc., while Wang was executive vice president of Alexander Wang after spending 20 years at Calvin Klein.
Friedman, who worked for several months as a consultant at Proenza Schouler, is a veteran CFO, although he is not known for fashion or luxury.
Maybe, finally, after opening a small brand in Chinatown in a bad condition at the beginning of the century, the duo will be able to build a great global brand.
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