Business

Business: Jack McCollough And Lazaro Hernandez Have Brought Back Proenza Schouler

By Donovan | November 13, 2018 0 Comments

Proenza Schouler Fall 2018 Ready-To-Wear.

UNITED STATES — With the help from a new group of private investors, Proenza Schouler‘s designers Jack McCollough and Lazaro Hernandez bought back their company from Castanea Partners, to whom they sold a minority stake in 2015, as well as a group of investors including John Howard and Andrew Rosen.

Per a press release, the buyback coincides with a “significant” new round of funding to fuel the company’s growth. It also coincides with an equally significant shakeup of Proenza Schouler‘s senior executive team: Former CEO Judd Crane is stepping down to be replaced by Kay Hong, who comes from Torrid, effective Monday. Former CFO John Paolicelli is also stepping down, to be replaced in the interim by Jonathan Friedman, who already had a consulting role with the company. Finally, Mary Wang will join as Chief Operating Officer. She was most recently Executive Vice President at Alexander Wang (there is no relation) and previously spent 20 years at Donna Karan. The company has elected a new board of directors, too.

Per the release, the brand plans to “refocus the company around their original vision,” using the capital to expand globally as well as support licensing partners L’Oreal Luxe — with whom it launched a new fragrance, Arizona, this year — and Onward Luxury Group S.p.A.

“We are thrilled to embark on this new, very exciting chapter of Proenza Schouler and are delighted about the team of industry leaders we have assembled who, together with us, will help drive the business to its full potential,” said McCollough and Hernandez in a join statement. “We couldn’t be happier to have Kay, Mary and Jon by our side and to once again have full authority over our company’s destiny.”

The brand first launched 18 years ago. In 2007, Valentino Fashion Group purchased a 45 percent stake in Proenza for $3.7 million. VFG was then bought buy London-based mergers and acquisitions firm Permira. In 2011, Permira‘s stake was sold to a group of investors led by Rosen.

Last May 2018, DM Fashion Book reported that Proenza Schouler has exited Paris Couture Week (see it here). After showing on the Paris couture schedule for two seasons, McCollough and Hernandez of Proenza brought their runway show back to New York in September 2018 (see it here).