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Proenza Schouler Investors Could Open the Door to Developing Menswear, Fragrance

Photo: Getty Images
Photo: Getty Images

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LVMH isn't the only company interested in investing in Proenza Schouler. WWD reports that the perpetually cool New York brand has a suitor in Castanea Partners, a private equity firm whose portfolio includes Drybar and jewelry brand Ippolita. Castanea isn't currently investing in any designer fashion brands, but the firm just hired Ron Frasch, the former president and chief merchandising officer at Saks Fifth Avenue, to focus on the luxury space. Castanea is reportedly interested in a deal to acquire a 50% stake in Proenza Schouler.

LVMH's discussions with Proenza Schouler have reportedly been going on since last summer, but WWD says that the luxury giant's talks with the brand have "recently tapered off anew." Proenza Schouler designers Lazaro Hernandez and Jack McCollough told WWD previously that more investment would help the brand add menswear and fragrance, categories they've expressed interest in recently.