Proenza Schouler has confirmed that it has
secured funding from Castanea Partners, in a move that has long been rumoured, reports WWD. The deal, of which details have
not been disclosed, will see the private-equity firm join
exisiting investors who purchased a 50 per cent stake in the brand
from the Valentino Fashion Group and others in
2011.News of the investment coincides with the announcement that existing CEO Shirley Cook - who has held the position since founders Jack McCollough and Lazaro Hernandez started the company in 2002 - is stepping down from the position. She will be replaced by former Saks Fifth Avenue president Ron Frasch, who is currently an operating partner at Castanea Partners.
News of the investment coincides with the announcement that existing CEO Shirley Cook - who has held the position since founders Jack McCollough and Lazaro Hernandez started the company in 2002 - is stepping down from the position. She will be replaced by former Saks Fifth Avenue president Ron Frasch, who is currently an operating partner at Castanea Partners.
Of Castanea, creative directors McCollough and Hernandez, were equally as complimentary.
"They have a deep understanding of the business and a great respect for our creative vision," they said. "Together, we are committed to realising our dream and to developing the Proenza Schouler brand globally."
The boys recently revealed to WWD that they were hoping to add a menswear category to their portfolio - a possible contender for top-spot on the agenda now that they have secured additional funding.
Culled from Vogue.
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