Rosso acquires Kokosalaki label

Renzo Rosso, the founder of Italian jeans and fashion house Diesel, has acquired a majority stake in Sophia Kokosalaki. The young Greek-born designer, who is based in London , is already a favourite with a growing number of celebrities. "I'm really pleased about the acquisition," Kokosalaki told Vogue. "It has been in the pipeline for some months and I am 100 percent happy with the way it has turned out."

Diesel already has a majority stake in avant-garde designer Martin Margiela and DSquared, the popular label founded by Dean and Dan Caten. "Due to these acquisitions, a plethora of well-known designers have contacted the group driven by Rosso to discuss potential forms of collaboration and support. However, Mr Rosso has chosen to focus on the research and development of young talents with incredible depth - often against the mainstream - in order to realize their and his vision of the future of fashion," Staff International, Rosso's investment vehicle, said in a press release.

The first collection to air under the new partnership - the terms of which are not known - will be the 2007 Fall/Winter show, which will debut in Paris in March. Kokosalaki will continue to work as creative director for the house of Vionnet, a role she took on last year. This transaction will not have any effect on that.

"I admire and consider Renzo a great business person," the award-winning Kokosalaki said in the press release. "I have a clear vision about the future of my brand and I'm more than confident that with Staff's support and expertise I will get the perfect balance between growth and independent creativity."

Rosso added that he believes it is "part of my mission" to seek out young talent "outside of the ordinary". "I have never made any acquisition only to increase the profit of the group, but exclusively because I am passionate about the art and sensibility of certain designers, and in the process of their development product, which results in success. In Sophia, I have found someone who is able to communicate emotions via her creations, and knows how to develop alternative fashion for today's woman."