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Proenza Schouler Changes Hands: Andrew Rosen and John Howard Acquire Stake from Permira


P.S. We Love You Looks from the fall 2011 Proenza Schouler collection.

Last month, Proenza Schouler‘s Jack McCollough and Lazaro Hernandez set some kind of land-speed fashion achievement record by collecting their second womenswear designer of the year award from the Council of Fashion Designers of America for a label that is less than a decade old. Today the dynamic duo have new bosses in fashion industry veterans Andrew Rosen (Theory) and John Howard (Irving Place Capital), who head up a group of investors that have acquired a non-majority stake in Proenza Schouler from European private equity firm Permira. Financial terms of the deal, which was first reported this afternoon by WWD, were not disclosed, and Permira-owned Valentino Fashion Group will retain a small share in Proenza Schouler. A statement received by WWD describes the new partnership as a “recapitalization” that will allow the brand to blossom. “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,” said Rosen and Howard in a joint statement issued today. “In infusing this brand with our resources and experience, we will position this business to achieve its full potential.”

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