Good things come to those who wait.
After speculation that Scottish designer Christopher Kane would take over the house of Balenciaga turned out to be only that—speculation—it has been announced that PPR, the luxury goods conglomerate that owns Balenciaga, as well as Alexander McQueen, Gucci and Yves Saint Laurent, now owns a 51% stake in Kane's London-based fashion house.
“In just a few years, he has built a very distinctive and exciting brand with a unique DNA,” François-Henri Pinault, PPR's ceo, said in a release. “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.”
In the pipeline? The first-ever Christopher Kane store, a second-ready-to-wear-line (let's hope a more affordable one!) and a bigger e-commerce presence, according to WWD.
This is the best scenario, for both Kane and PPR. Unlike its biggest competitor, LVMH, PPR has a track record of success with younger brands. (Particularly, Stella McCartney and Alexander McQueen.) The last time LVMH invested in a new name was in 1998 with Christian Lacroix. Currently, Stella McCartney makes $100 million a year in sales. WWD reports that Kane made $10 million in sales last year, so the brand should greatly benefit from the conglomerate's resources and infrastructure
Congrats to Christopher Kane and his sister, Tammy. We truly believe he's one of few in his generation who can build a global brand, and a partnership with PPR is the first best step.