Home / Knowledge / News / Fashion / Castanea picks stake in fashion brand Proenza Schouler
Castanea picks stake in fashion brand Proenza Schouler
23
Jun '15
Castanea Partners has joined existing investors and acquired a minority stake in Proenza Schouler, a New York based luxury fashion brand.

“Proenza Schouler is a global luxury accessories and women’s apparel business with operations in more than 20 countries worldwide,” a Castanea press release said.

Founded by Jack McCollough and Lazaro Hernandez, the designers have been at the forefront of fashion, and have garnered numerous awards, including five CFDA awards for their designs in womenswear and accessories.

“CEO Shirley Cook, who has been with the company since it was founded, will be stepping down as part of the transaction,” Castanea added.

“She has played a pivotal role in the development of the brand and recently spearheaded the investment by Castanea Partners and a licensing deal with L’Oréal to launch the brand’s first fragrance,” it noted.

Ron Frasch, former president and chief merchandising officer at Saks Fifth Avenue and currently an operating partner at Castanea, will be joining Proenza Schouler’s board of directors.

Frasch will assume responsibilities as interim CEO and will be joined by Brian Knez, a managing partner at Castanea in the Proenza Schouler’s board of directors.

Other board members include Rose Marie Bravo, former CEO of Burberry Group Plc, John Howard, CEO of Irving Place Capital, and Andrew Rosen, CEO of Theory, Inc.

“Proenza Schouler is an exciting opportunity for Castanea and we very much look forward to working closely with the Proenza Schouler team to support the company’s continuing growth,” said Ron Frasch.

“Jack and Lazaro, together with Shirley, have created a leading luxury brand with an award winning aesthetic and a compelling mix of categories, channels, and geographies,” he too added.

“Proenza Schouler is uniquely positioned in the luxury ready-to-wear and accessories market,” said Brian Knez.

“We are very excited about the company’s tremendous potential to build on its distinct brand DNA and immense creative talent to continue to develop as an iconic worldwide brand,” Knex observed.

Co-founders Jack McCollough and Lazaro Hernandez said, "We are very excited to embark on this new chapter with the help of Castanea Partners.”

“They have a deep understanding of the business and a great respect for our creative vision and together, we are committed to developing the Proenza Schouler brand globally," the duo informed.

Castanea Partners is a middle-market consumer-focused private equity firm founded by operating executives and private equity professionals.

It partners with promising small to middle-market companies in branded consumer products and services, including companies in the luxury fashion apparel, accessories, and jewelry sectors.

Castanea typically invests between $15-75 million of equity in businesses where it has significant operating and investing expertise.

Castanea has over $1 billion of funds under management and is currently investing from a $600 million fourth fund. (AR)

Fibre2fashion News Desk - India


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search