Valentino Fashion Group, the holding company that includes brands such as Valentino, Hugo Boss, and other licensed brands, acquires a 45% stake of fashion company Proenza Schouler (through a share capital increase of 3.7 million USD) with the objective to support its international expansion. In 2007 the expected turnover will be in excess of 6 million USD.
Proenza Schouler designers Jack McCollough and Lazaro Hernandez, established the brand in 2002, and developed quickly into one of fashion's most talked about labels, with points of sale predominantly in high-end department stores and boutiques worldwide.
Valentino Fashion Group, the important fashion and luxury group, has the aim to support the international visibility of this young fashion brand, while collaborating with the existing management –Shirley Cook was confirmed as CEO – to consolidate and strengthen the future growth of Proenza Schouler.
Stefano Sassi, CEO of Valentino Fashion Group and Chairman of Proenza Schouler comments:“We believe in the great creative talent of Jack and Lazaro and we are certain that, with the support of Valentino Fashion Group's network and distribution along with our logistic and industrial facilities, we can contribute in further developing Proenza Schouler into an international brand. Furthermore, with this partnership, Valentino Fashion Group wants to highlight the intention to continue its expansion in the fashion business on a global basis.”
JackMcCollough and Lazaro Hernandez: “We are very excited to enter into this partnership, as we believe that the Valentino Fashion Group will greatly contribute, with its strong experience in fashion and luxury, to further develop Proenza Schouler. We have a very strong and clear vision of what we want the brand to be and we found in Stefano Sassi and in Valentino Fashion Group the ideal partners to make this dream happen.”
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