VALENTINO INVESTS IN PROEZA SHOULER

jack and lazaro have lots more to smile about. (fashionweekdaily.com)

lucky boys. jack mccollough and lazaro hernandez, the designers behind proenza schouler, have a brand new investor: none other than the man in red - valentino himself. media sources reported this week that the valentino fashion group, which already owns a stake in brands like hugo boss, m missoni and marlboro classics, spent 3.7 million dollars for a 45% ownership in the fledgling brand. it's a small prize to pay for what is fast becoming one of fashions legendary brands. in the five years since they debuted, the design duo has already launched a collaboration line with target, is sold in over eighty stores, and won cfda designer of the year award this year (in a tie with oscar de larenta.)