Proenza Schouler, Andrew Rosen Deal Finalized
After over a year of rumors and speculation, Theory’s Andrew Rosen has closed the deal on Proenza Schouler.
Rosen, along with John Howard, head a group of investors that have bought a stake in the brand from its previous owner, Permira, the parent company of the Valentino Fashion Group.
“We are thankful to VFG for giving us a start, and allowing us to get where we are today,” Jack McCollough, Lazaro Hernandez, and Proenza CEO Shirley Cook said in a statement, according to Women’s Wear Daily. “There’s so much we’d like to accomplish and have found the perfect complement in John and Andrew to help us realize our dreams.”
“When we look at the current state of American fashion, we see the next generation focused in the advanced contemporary space,” said Rosen and Howard in a statement. “We believe that the Proenza business is the future of American luxury, and uniquely poised to compete in a global marketplace, which is currently dominated by European designers. In infusing this brand with our resources and experience, we will position this business to achieve its full potential.”
Though Rosen is the CEO of Theory (the parent company of Helmut Lang) and an investor in Alice + Olivia and Rag & Bone, the Proenza purchase will stay a separate project for him. Permira will retain a minority stake in the company, though specific percentages (and prices paid for the sale) were not disclosed.
In related news, check out Proenza Schouler’s recently-released Fall 2011 ad campaign.
