NEW YORK, United States — Kering, the luxury conglomerate formerly named PPR, has taken a minority stake in Altuzarra, the label founded in 2008 by French-American designer Joseph Altuzarra. The deal was finalised yesterday, only days before the label is scheduled to show its Spring 2014 collection at New York Fashion Week, and announced by Altuzarra and Kering this morning.
“I am delighted to enter into this relationship with Kering, a group renowned for its excellence in luxury and innovation with an incredible track record for nurturing some of the greatest talents and brands in the fashion industry," said Joseph Altuzarra, in a statement. "This partnership will allow us to take the Altuzarra brand to the next stage of its development in accordance with my creative vision. I could not be happier or more proud."
The exact size of the stake was not disclosed, though "the company will remain independent and controlled by Joseph Altuzarra and his family," Alexis Babeau, managing director, Kering Luxury division, told WWD. "While not formally integrated in Kering’s luxury division, Altuzarra will have access to Kering’s breadth of experience and expertise when relevant.”
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