And a 20-day shutdown of West Coast ports could cost the U.S. economy $2.5 billion.
Looks like Proenza Schouler and Andrew Rosen are finally teaming up. It's been over a year since we first learned that Theory ceo Rosen was interested in buying Proenza Schouler. The label is part-owned by Permira Group, a London investment firm that also owns Valentino. Permira put its 45% stake in Proenza on the block in February of 2010. At the beginning of 2011, we heard that the deal had been penned for months but that Permira wasn't happy with the terms, resulting in severe delays. Then Mark Holgate pretty much confirmed on the pages of Vogue that it was all happening! Now WWD reports that it is indeed happening, probably by the end of this month. The partnership will be structured similarly to the agreements Rosen has with Rag & Bone and Alice and Olivia, which are also personal investments. Rosen runs Theory and Helmut Lang, but they're owned by Uniqlo.