Founders Jack McCollough and Lazaro Hernandez have regained their fashion brand Proenza Schouler.
The two designers have bought back the shares transferred to the investment fund and they are back in possession of the fashion brand.
Proenza Schouler buyback is aimed at reviving the brand’s style and at fully exploit its future growth in terms of revenues and internationalization.
Jack McCollough and Lazaro Hernandez founded the fashion brand in New York in 2002, but later in 2015 they sold the majority of shares to the Castanea investment fund.
In 2015 estimated market value of the brand was around 80 million euros. Now the buyback of the brand has additional provided for an injection of new capital, aimed at supporting future business strategy for growth and renewal.
Thanks to a group of private investors support, the designers of Proenza Schouler were able to fully re-acquire a brand that will continue to compete in the luxury fashion segment. The founders, in a joint note, expressed their enthusiasm for the operation.
The destiny of the fashion brand has returned to the hands of its creators. Indeed the designers speak of a new chapter in the history of Proenza Schouler. The desire to bring the company back to its original vision will be carried on by its original founders together with a new team.
Despite the focus of the company will therefore remain focused on luxury apparel, the pillars that have so far supported the development of the brand will be maintained. The three main lines of prêt-à-porter, leather goods and the casual line PSWL will indeed be strengthened. Reconfirmed also the ongoing licensing agreements with L’Oreal Luxe and Onward Luxury Group SpA.
Proenza Schouler buyback asked for structure management changes. The new appointments have already been made public. Following the resignation of Judd Crane and John Paolicelli, respectively formers CEO and CFO, two new top management positions were appointed.
Kay Hong is the new Chief Executive Officer of Proenza Schouler. Hong was formerly Torrid‘s CEO and has a long-standing career in retail. The position of Chief Financial Officer was instead entrusted ad interim to Jonathan Friedman, historical consultant of the New York fashion house.
Not least, Mary Wang assumes the role of Chief Operating Officer. Wang comes from a twenty-year long collaboration with Donna Karan fashion house and recently held a similar role at Alexander Wang.