FASHION Magazine

Speculation surrounding a change in Proenza Schouler’s investors has been circulating for quite some time now. That change seems to have been confirmed yesterday by Cathy Horyn of The New York Times. According to the writer, the label’s current backer, the private equity firm Permira (also the primary owner of Valentino), will be selling its shares in the label as early as Friday.

The 45-per-cent stake will reportedly be transferred over to a group of New York investors including Andrew Rosen, CEO of Theory and Helmut Lang. Designers and founders Jack McCollough and Lazaro Hernandez will likely hold onto their control over the other 55 per cent of the company.

While we’re excited to see what Rosen’s plans are for the brand, we’re hoping that too much doesn’t change. New investors can often demand a lot of designers, but that won’t necessarily be the case with Proenza Schouler. McCollough and Hernadez’s It-girl aesthetic seems in keeping with Rosen’s previous ventures (think Olivier Theyskens at Theory). What we are hoping for is the production of more accessories, which seems inevitable with the success of the PS1 bag.

Last night, the stylish set filled the new TNT flagship at Toronto’s Hazelton Lanes in Yorkville to celebrate the store’s 20^th anniversary as well as to peep the brand new multileveled shopping emporium, which has expanded to 18,000 square feet. That means even more space for ultra-covetable merch from Helmut Lang, The Row, Theyskens’ Theory and more! Across the sprawling space, homegrown likes of Greta Constantine, Payne, and Camille and Laurence were all on hand to debut their newest collections and raise a glass (and a pretty penny) in honour of the Toronto Fashion Incubator.

While the soirée seemed to attract just about every designer, socialite and fashion personality around⎯even Dan Levy came home from LaLa land to make an appearance!⎯the real star of the night was deb-cum-designer Nicole Richie, who hit the town to promote her lines House of Harlow and Winter Kate. We snatched her away from legions of adoring fans to chat about all things style and asked if a Canadian collab could be in the works!