Proenza Schouler proves interesting to investors
Proenza Schouler is reportedly being wooed by a new investor.
Last August it was claimed that designers Lazaro Hernandez and Jack McCollough had piqued the interest of luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton, which was reportedly considering investing.
According to WWD another company has joined the race, with Castanea Partners also wanting a stake.
The company is a private equity firm which has already invested in a number of businesses, including MacKenzie-Childs, which offers accessories among other things. This came after a new chief operating officer was brought in to Castanea, called Ron Frasch. He's apparently tasked with finding new venues of investment and has a lot of interest in the luxury area, which would tie in well with Proenza Schouler.
Neither of the companies has commented about the potential investment to WWD.
Initially it was thought that LVMH Moët Hennessy Louis Vuitton would be a perfect fit for Proenza Schouler because it already has so many young fashion brands in its roster, including J.W. Anderson and Nicholas Kirkwood. However, it's thought talks hit a bump and have since stalled.
Lazaro and Jack set up their label in 2002, after meeting while studying at Parsons the New School for Design in New York.
They've been open about their desire to become a major player in fashion and hope to expand into fragrances and menswear at some point. The pair are confident they will make that happen and are proud that they have always stuck to their vision - even when others tried to advise them otherwise.
"It’s always good to p**s some people off; our teachers at [Parsons] hated us," Lazaro said at the French Institute Alliance Française in conversation with Vogue’s Sally Singer last month. "They were like, 'You guys have to stop making clothes for art girls. Make some easy separates.' We were like, 'What? No!' That spirit has stayed with us to this day. You can’t cater to every single person. You have to do what makes you feel happy."