They said/We said: The dish on Proenza Schouler’s expected new investors
Speculation surrounding a change in Proenza Schouler’s investors has been circulating for quite some time now. That change seems to have been confirmed yesterday by Cathy Horyn of The New York Times. According to the writer, the label’s current backer, the private equity firm Permira (also the primary owner of Valentino), will be selling its shares in the label as early as Friday.
The 45-per-cent stake will reportedly be transferred over to a group of New York investors including Andrew Rosen, CEO of Theory and Helmut Lang. Designers and founders Jack McCollough and Lazaro Hernandez will likely hold onto their control over the other 55 per cent of the company.
While we’re excited to see what Rosen’s plans are for the brand, we’re hoping that too much doesn’t change. New investors can often demand a lot of designers, but that won’t necessarily be the case with Proenza Schouler. McCollough and Hernadez’s It-girl aesthetic seems in keeping with Rosen’s previous ventures (think Olivier Theyskens at Theory). What we are hoping for is the production of more accessories, which seems inevitable with the success of the PS1 bag.
WHAT THEY SAID…
Cathy Horyn: “Although the designers have presented a more coherent vision in recent years and in 2009 introduced a successful handbag style (the P.S. 1) that expanded their reach into the lucrative accessories market, there are still a number of product categories that could be developed, like jeans. Accessories can also be beefed up with more leather goods, including shoes, and eyewear.” [The New York Times]
Kerry Pieri, StyleCaster: “In other words, this sale, which is rumored to go through as early as Friday, would mean more money for Proenza Schouler and more Proenza Schouler for us. Win, win.” [StyleCaster]
Charlotte Cowles, The Cut: “Given the success of Rosen’s investments in Helmut Lang and Olivier Theyskens, not to mention how long people have been banging on about how great this Proenza deal should be, the acquisition seems like a win for all parties involved.” [The Cut]
WHAT WE SAID…
Sarah Casselman, senior editor: “I’m happy that the boys, likely, will still control 55 per cent of the label—would hate to see PS go the way of Roland Mouret and lose the rights to design under their own name. Think I had something else to add here but it’s slipped my mind; news that David Beckham is launching an underwear line for H&M will do that to a girl.”
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