PPR Buys Majority Stake In Christopher Kane
Looks like big things are on the horizon for Christopher Kane.
WWD reports that PPR, parent company of brands like Stella McCartney and Alexander McQueen, has inked a deal with the Scottish designer to but a fifty one percent stake in his company. Kane founded the label in 2006, and has steadily carved a niche for himself within the luxury market, growing to employee twenty six people and take in an estimated $10 million in revenue last year.
“In just a few years, he has built a very distinctive and exciting brand with a unique DNA,” François-Henri Pinault, PPR’s head honcho, told WWD. “Christopher Kane is already established as a luxury label and has a tremendous intrinsic growth potential. We thus have great ambitions for the brand and will enable it to benefit from our expertise and know-how, while providing the space for it to further develop its own creative identity.”
PPR is behind numerous success stories in growing smaller brands to reach an international audience: McCartney launched her label with the conglomerate in 2001, which today is estimated to make more than $100 million annually. Similarly, Balenciaga multiplied in size by eleven times since it was acquired in the same year.
As for Kane’s label, we can expect his first freestanding boutique, likely in London in 2014, a push into e-commerce, and a greater focus on leather goods and footwear. Oh, and a whole new ready-to-wear line!
So while the rumors that ran rampant in November that Kane would be taking over for Nicolas Ghesquière at Balenciaga did indeed turn out to be unfounded, the designer is sure to have no shortage of exciting projects on his plate in the year to come. Let’s just hope some of them include some goodies with slightly smaller price tags than his current wares.