Proenza Schouler wins investor
Proenza Schouler has won a minority investor.
In May WWD reported that private equity firm Castanea Partners was eyeing the fashion label, which is run by design duo Jack McCollough and Lazaro Hernandez. The company has now confirmed it has acquired a minority stake in the fashion label, with the designers delighted about the deal.
"We are very excited to embark on this new chapter with the help of Castanea Partners," they said in a statement. "They have a deep understanding of the business and a great respect for our creative vision. Together, we are committed to realising our dream and to developing the Proenza Schouler brand globally."
As part of the deal CEO Shirley Cook will be stepping down - she had been with Proenza Schouler since it was founded in 2002. The statement praises her for helping to "spearhead" the deal and for all her work with the company over the years.
Ron Frasch is the operating partner at Castanea, and he will be joining the label's board of directors and act as interim CEO.
Other board members will include Castanea's managing partner Brian Knez, Rose Marie Bravo who formally worked at Burberry and Andrew Rosen, CEO of Theory, Inc.
"Proenza Schouler is an exciting opportunity for Castanea and we very much look forward to working closely with the Proenza Schouler team to support the company's continuing growth," Ron explained. "Jack and Lazaro, together with Shirley, have created a leading luxury brand with an award winning aesthetic and a compelling mix of categories, channels, and geographies."
No further details about the deal have been revealed, although Jack and Lazaro have been open about their plans to expand of late. Earlier this month they confirmed this was happening with the announcement of their debut perfume.