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

Courtesy: Trinity Kubassek from Pexels

Textiles | On 19th Aug 2018

Australian wool production to fall 5.7% in 2018-19

Shorn wool production in Australia is likely to fall by 5.7 per cent...

Courtesy: Next Level Apparel

Apparel/Garments | On 19th Aug 2018

Blue Point Capital recapitalises Next Level Apparel

Blue Point Capital Partners has recapitalised Next Level Apparel, a...

Retailers approaching 100% inventory accuracy: Study

Apparel/Garments | On 19th Aug 2018

Retailers approaching 100% inventory accuracy: Study

With computer vision use cases maturing, Artificial Intelligence (AI) ...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Mohammad Hassan
Biax Fiberfilm

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

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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


August 2018

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

news category


Related Categories:

Advanced Search