Kering (the luxury conglomerate formerly known as PPR) has bought into NYC-based designer Joseph Altuzarra's company. Kering, which owns includes Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, has taken a minority stake in the 29-year old womenswear designer's company. Altuzarra released the following statement today:
Altuzarra said: 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. This partnership will allow us to take the Altuzarra brand to the next stage of its development in accordance with my creative vision. It was very important for me to keep [Kering] a minority stake at this point and for us to keep control of Altuzarra. [Kering was] incredibly supportive of that decision and really understanding of it, and that was also very rare.