Chanel and Fendi creative director, KARL LAGERFELD has sold a minority stake in his eponymous label to PVH. The newly-minted deal means that the Karl brand, which has previously focused on growth in Europe and Asia, will now expand into North America, where PVH (formerly known as Phillips-Van Heusen) will control the franchise. PVH also has shares in Calvin Klein and Tommy Hilfiger. (Hilfiger, himself, owns a stake in the Lagerfeld brand). "We are excited to have PVH as a shareholder," Pier Paolo Righi, president of Karl Lagerfeld, told WWD.
The financial details surrounding the deal have not been disclosed.