Karl Sells Share Of Karl

Karl Lagerfeld has sold a minority stake in his eponymous label to PVH. The deal means that the brand, which has previously focused on growth in Europe and Asia, will now expand into North America, where PVH (formerly known as Phillips-Van Heusen) will control the franchise.

"We are excited to have PVH as a shareholder," Pier Paolo Righi, president of Karl Lagerfeld, told WWD. "We have ambitious plans for the business and have embarked on an aggressive growth strategy, opening a new store every three weeks over the last six months. We believe PVH's strong track record in supporting the growth opportunity of global designer lifestyle brands will be a big asset."

Karl Lagerfeld

PVH also has shares in Calvin Klein and Tommy Hilfiger, while Hilfiger himself - as well as Fred Gehring, chief executive officer of Tommy Hilfiger - are also investors in the Lagerfeld brand.

Lagerfeld opened his brand's biggest European store so far, on London´s Regent Street last month.