Breaking: Proenza Schouler for Valentino

Perhaps still buzzed from feting its 45th anniversary in Rome, Valentino Group SpA seems set on remaining in the spotlight. The group has just announced that it has bought a 45% stake in Proenza Schouler, a move that "can bring something significant in terms of image," said the Group's current CEO, Stefano Sassi. According to WWD, Sassi will become chairman of Proenza Schouler, and Shirley Cook will continue to serve as the label's CEO.

"We're happy we now have a security net for our company, which we never had before," said Jack Hernandez. "The business has been growing exponentially, and to do that you need the proper funding.

"Throughout our career, we have had a lot of people knocking at the door," Hernandez said. "We never found a partner that felt right. We are very much instinctual people and we go with our gut. A lot of people who approached us haven't necessarily been experts on the luxury market per se. We were waiting for someone who had a similar vision to what we had, and experience in developing a brand."