Jason Wu Sells Majority Stake in Company, Plans Flagship Store

The designer broke some major news on the morning of his spring 2015 show.
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Alyssa Vingan Klein
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The designer broke some major news on the morning of his spring 2015 show.
Photo: Arun Nevader/Getty Images

Photo: Arun Nevader/Getty Images

The first Friday of Fashion Week is always a big day for Jason Wu (his show normally falls in the afternoon), but today the designer's camp has made an announcement that will have his audience really buzzing: WWD is reporting that Wu has sold the majority stake in his company to recently established investment firm InterLuxe, whose chairman, Gary Wassner, has a solid background in fashion and relationships with many designers. 

While neither party would disclose the dollar amount of the stake or exact terms of the deal, Wu revealed that he would use the investment to build his first flagship store in New York City, as well as to grow his e-commerce and handbag business. 

In an interview with WWD, Wu expressed his reasoning behind the sale, which will essentially help him take his business (and earnings) to the next level: “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.”

So, whether or not critics laud his spring collection that will walk the runway in a matter of hours, Wu will have plenty to celebrate tonight.