The investment, over a year in the making, saw a group of investors led by Rosen and financier John Howard buy most of Valentino
Fashion Groups 45% stake in the US fashion brand for $10-20m.
VFG, now owned by Permira, bought its stake for $3.7m in 2007 and has retained a 5% share in Proenza
We are thankful to VFG for giving us a start, and allowing us to get where we are today, designers Jack McCollough and Lazaro Hernandez
and CEO Shirley Cook said in a joint statement. Theres so much wed like to accomplish and have found the perfect complement in John and Andrew to help us realize our dreams.
The designers are understood to have bypassed a payday, preferring to channel the new funds directly into the business. In their statement, they referred to the investment as an injection of funds that will boost the company into a new phase of development.
Rosen is an avid fashion investor. Besides Theory, which he co-founded and still leads, he owns stakes in Alice & Olivia, Gryphon and Rag & Bone
. Howard, CEO of the Irving Place Capital private equity fund, has invested in Seven for All Mankind, Stuart Weitzman, J Brand and other fashion groups.
When we look at the current state of American fashion, we see the next generation focused in the advanced contemporary space, Rosen and Howard said in a statement. 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