Rumors have been buzzing for over a year, and now the deal is finally sealed: Theory’s Andrew Rosen and John Howard officially acquired a massive portion of Proenza Schouler’s shares from private equity firm Permira. They will be backing the brand alongside Valentino Fashion Group, which has held a 45% stake since 2007.
Luckily, despite Rosen’s involvement with Theory and his ownership positions in Rag & Bone, Alice + Olivia, and Gryphon, Proenza Schouler will stay a separate project for him. Hopefully this will allow our beloved Jack McCollough and Lazaro Hernandez to keep creating brilliant pieces without much watering down of their vision.
The designers are quoted as saying, “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.” (via Women’s Wear Daily) Sounds good to me. I, for one, especially look forward to a couture line, and it’s the funding from big names like Howard and Rosen that can help to facilitate this. Stay tuned.