Kering takes minority stake Altuzarra
Luxury goods conglomerate Kering has taken a minority stake in Altuzarra, the eponymous line created by young designer Joseph Altuzarra. Going against its tradition by investing just a small share in the company, Kering calls this strategy, “a new way to invest in a designer and a brand”. The value of the stake has not been disclosed.
Joesph Altuzatta - who worked under Riccardo Tisci at Givenchy - has been showing at New York Fashion Week since 2008. Until now completely self-financed, the young brand sought out investors to help pursue its growth plans. Mixing modern elegance with cultural references from America, France and China, Altuzarra was awarded 300,000 dollars by the CFDA and Vogue Fashion Fund in 2011 to help develop his ready-to-wear women’s collection.
As for Kering, it seems the luxury group is on the hunt for new blood, taking some young brands under its wing and investing money in others. At the start of the year the group acquired British label Christopher Kane and promoted Alexander Wang to creative director at Balenciaga.
In addition to financial support, the New York-based designer will be able to tap into the group’s luxury expertise to help push his brand. The development of an accessories line could definitely be something a step in the brand’s future expansion.
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