Those dashing boys of Proenza Schouler, Jack McCollough and Lazaro Hernandez, just got themselves a new partner. WWD reports that the Valentino Fashion Group SpA has taken a 45 percent stake in the label. Stefano Sassi, Valentino Fashion Group's CEO will also become chairman of Proenza Schouler with Shirley Cooks staying on as the label's CEO.

Certainly Proenza Schouler is a brand on the rise, especially after last spring's collaboration with Target that exposed all of America to the young tastemakers. Valentino plunked down $3.7 million for the stake. Interestingly enough, the initial negotiations with Proenza Schouler came before recent events in which European private equity group Permira Holdings picked up a majority stake of Valentino Fashion Group through a series of deals with members of the Marzotto family, the previous owners. The new shareholders approved the Proenza Schouler deal. Valentino beat out suitors like LVMH Moët Hennessy Louis Vuitton and Samsonite to claim this rising fashion duo.