PPR Takes 51% Stake in Christopher Kane
When the rumors about Christopher Kane taking over Balenciaga were denied, we had a feeling there was still something in the works for the Scottish designer.
Today PPR, the luxury corporation that owns Alexander McQueen, Stella McCartney, and yes, Balenciaga, now owns a 51% stake in Kane's London-based label.
"Christopher Kane is already established as a luxury label and has a tremendous intrinsic growth potential," PPR's CEO, FranĂ§ois-Henri Pinault said. "We thus have great ambitions for the brand and will enable it to benefit from our expertise and know-how, while providing the space for it to further develop its own creative identity."
Indeed, Kane's growth is already well underway with WWD reporting that the designer is opening his first official store, launching an additional ready-to-wear line, and formulating a stronger presence in e-commerce.
Kane reportedly made $10 million in sales last year, so joining the likes of Saint Laurent, Gucci, and McQueen at PPR can only increase his already booming business.