As suggested, after more than a year of negotiations, Permira has finalized the sale of its stake in Proenza Schouler to a group of investors that include Theory founder Andrew Rosen and John Howard.
According to a statement from Proenza Schouler, the new partnership is a "recapitalization" of the label and will allow it "to enter a new phase of development.” Valentino Fashion Group (which is owned by Permira and bought the 45 percent stake in Proenza Schouler in 2007 for $3.7 million) will keep a minority share in the new partnership.
“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 Schouler CEO Shirley Cook said in a joint statement. “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.”
Rosen and Howard, meanwhile, jointly commented: “When we look at the current state of American fashion, we see the next generation focused in the advanced contemporary space. 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."
This is a personal investment for Rosen, who also hold similar investments in Alice + Olivia, Gryphon, and Rag & Bone.