A FASHION FAIRY TALE
New York design house Proenza Schouler is close to sewing up a deal for a partial sale to a European luxury firm, The Post has learned.
Proenza Schouler’s founders Jack McCollough and Lazaro Hernandez have experienced an almost meteoric rise in fashion circles, yet they face a dilemma similar to other hot young talents whose fame has exceeded their finances.
It can take years and deep pockets to build a viable fashion business, and Proenza Schouler has been looking for additional financing since the designers, along with their business partner Shirley Cook, bought out investor Markus Hofels, a German venture capitalist, last year, sources said.
A Proenza Schouler spokesman said he was not aware of any deal.
Former Burberry Chief Executive Rose Marie Bravo is said to be working on behalf of the designers, who she has been mentoring. The identity of the new potential investor could not be immediately learned.
Acquiring stakes in designers was in vogue in the 1990s but then fell out of fashion as large European luxury houses stumbled while trying to build the budding talents into sizable businesses.
More recently, designers have attracted growing attention from backers.
Earlier this week Narciso Rodriguez was acquired by Liz Claiborne. Other recent deals include the purchase of Jil Sander by a European private equity firm and Halston by a group that includes movie mogul Harvey Weinstein.
For McCollough and Hernandez, their arrival on the fashion scene has an almost storybook quality. The two met while studying at New York’s Parsons School of Design and their jointly created senior collection won the school’s 2002 designer of the year award and the recognition of Barneys New York, which bought most of their line.
Two years later, the pair collected $200,000 as winners of the Council of Fashion Designers of America/Vogue Fashion Fund award. Next, came a line for Target, which included $39.99 blazers and $29.99 skirts – a long way from the $2,200 dresses sold at Bergdorf Goodman.
The pair also has designed a watch for Movado. Next up is a license to create sunglasses for French firm L’amy.