Jason Wu Sold Majority Stake Of Company To InterLuxe
Moving into the 4th quarter, things are looking good for some fashion designers. Today is a good day for Jason Wu, he presents his Spring 2014 collection at noon and he is also the latest designer to sell a stake in his company.
Wu has sold the majority stake in his company to investment firm InterLuxe. The group’s chairman, Gary Wassner has a solid background in fashion and relationships with some designers.
At the time of press, neither parties involved would disclose the dollar amount of the stake or exact terms of the deal. However, Wu revealed that he plans to use the investment to open a flagship store in NYC, as well as to expand his e-commerce and hangbag business.
Wu told Women’s Wear Daily, “I’ve known him for a long time, so when the new venture came out with InterLuxe as a platform to help designers grow to the next level, I decided after months of talks and discussions that this was the right opportunity for me to take that next step.”
“I feel great that I can just have the support to really be able to concentrate on what I signed up to do really from day one, [which] was to design and to create and to run a successful fashion business….It just means I have more expertise and support around me to be able to do what I do better.”
“I work with a lot of designers. Some of them don’t want to hear about the business side, they’re not interested in it, they don’t care what things cost. With Jason, both sides of his brain work. He’s particularly adept at understanding, both the business and the artistic side of fashion…he’s not trying to be the cool kid on the block. I like that,” Wassner told WWD.
Photo Credit: Getty/Arun Nevader