When you think Karl Lagerfeld, the term "American fashion" may not immediately come to mind, but that's certainly the direction in which the latest investor in the designer's namesake brand skews. Karl Lagerfeld B.V. has taken on PVH, the parent company of Calvin Klein and Tommy Hilfiger, as a minority shareholder.
The terms of the deal were not disclosed.
This partnership isn't quite as random as it might initially seem. As PVH notes in its announcement of the deal, Karl Lagerfeld was part of the Tommy Hilfiger Group until PVH bought the latter in 2010; Tommy Hilfiger and Fred Gehring, Tommy Hilfiger's CEO, are both current investors in Karl Lagerfeld.
Although Lagerfeld's work for Chanel -- and his endlessly quotable personality -- typically dominates headlines, the Karl Lagerfeld brand has big plans for expansion. Pier Paolo Righi, the brand's president, said in a release Wednesday morning that the company has an "aggressive growth strategy" in place, having opened a new store every three weeks over the past six months.
A representative for Karl Lagerfeld did not immediately respond to request for comment.