link.png Has Proenza Schouler attracted the interest of an investor?← Back

 
Today it emerged that fashion label Proenza Schouler might have found a new investor. According to WWD, private equity firm Castanea Partners have shown interest in the New York based fashion label.
 
Proenza Schouler was set up by Jack McCollough and Lazaro Hernandez in 2002, after the duo met whilst studying at Parson’s School of Design. The brand rapidly became a name to be reckoned with on the New York fashion scene and has gone on to win numerous prestigious awards including the CFDA Vogue Fashion Fund Award. 
 
 

This potential transaction comes shortly after Castanea Partners recently recruited Ron Frasch, previously at Saks Fifth Avenue. Frasch was hired to focus specifically on building the luxury apparel and accessories side of the company’s portfolio. According to reports, Castanea would be interesting in acquiring a 50% stake in Proenza Schouler.
 
Previously, the Valentino Fashion Group bought a 45% stake of Proenza Schouler in 2007. This share was then sold to a group of investors, spearheaded by Andrew Rosen, co-founder of Theory and John Howard in 2011. The group currently own stakes which amount to around 40%.
 
This is not the first time the young label has attracted the attention of a potential investor: luxury conglomerate LVMH showed interest in the brand in August last year. The designer duo has previously expressed a desire to grow the label. Neither side has confirmed the deal, however an investment of this scale would enable McCollough and Hernandez to develop Proenza Schouler towards the next stage in becoming a global luxury fashion label.