While ownership of Proenza Schouler remains up in the air, the independent label is busy building out its business.
On Wednesday, the 13-year-old company announced that it has signed a licensing agreement with L'Oreal to delve into the world of fragrance. The length of the license and other terms of the deal were not disclosed, though 10 years is typical for such agreements. L'Oreal already produces fragrances for a handful of high-end fashion houses, including Ralph Lauren, Giorgio Armani, Yves Saint Laurent and Viktor & Rolf, whose Flowerbomb perfume is a longtime bestseller.
The fragrance deal follows months of rumors that Andrew Rosen is looking to sell his large minority stake in Proenza Schouler. Last month, WWD reported that Castanea Partners was in talks to acquire half of the company, after discussions with LVMH (again, reportedly) fell through. The label has actively expanded beyond ready-to-wear in recent years, launching its first handbag collection in 2008 and licensing a footwear line in 2012. Proenza Schouler currently operates 10 stores and a wholesale business with 100 points of sale across 20 countries. The label was nominated for this year's CFDA Womenswear Designer of the Year Award, which was ultimately given on Monday to The Row.