After speculation that Louis Vuitton could buy the brand, Proenza Schouler has finally sold 45% of itself to Valentino. How does this affect you, the Proenza addict? Right now, it doesn't. Valentino insists its new partnership is purely financial and strategic - they'll help the boys with branding, distribution, sales, and staffing - but not with design. But in the future, this is probably good news for those of you lusting for a structured corset or a silken swing-coat: Now that Proenza has access to Valentino's textile mills, they'll be able to churn out even better clothes for the same price. The possibility of a mid-market diffusion line is more likely, since they have the funding to produce bigger orders. Shoes, handbags, and perfume are definitely on the horizon. And Proenza will get a Paris office, though it'll be for sales and not for design. And don't jump ahead: While rumors did swirl that the Proenza boys would still be put in charge of Valentino's brand upon his retirement, we're being told not to back down from our Zac Posen theory just yet...
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Sofia Coppola in Valentino, Dree Hemingway in Calvin Klein, and More
Between The Bling Ring premiere, Max Mara's Women in Film Awards and after party, and the fourth annual amfAR Inspiration Gala, there was no shortage of amazing red carpet outfits this week. Sofia Coppola, a perennial fave for us, took a break from her usual Marc Jacobs/Louis Vuitton fare in Valentino, Dree Hemingway stunned in white Calvin Klein, and Kate Bosworth did her usual Cali-girl thing in Proenza Schouler. Click through to see the rest of our picks.