Kering acquires minority stake in Altuzarra

French luxury goods group Kering, former PPR, has

announced the acquisition of a minority stake in the New York fashion brand Altuzarra. The price which at the transaction has been closed remains unknown.

"This partnership will allow us to enter a new stage in the development of the brand", designer Joseph Altuzarra said in a statement Friday. The head of the eponymous brand highlighted the dynamism of its new partner, as well as their "unique experience in the development of some of the greatest talents."

"I am delighted to enter into this relationship with Kering, a group renowned for its excellence in luxury and innovation with an incredible track record for nurturing some of the greatest talents and brands in the fashion industry," the French-American designer said in a statement.

According to information gathered by the mainstream trade publications, the company will remain independent and under the control of Joseph Altuzarra and his family.

"While not formally integrated in Kering's luxury division, Altuzarra will have access to Kering's breadth of experience and expertise when relevant," Kering's luxury division managing director Alexis Babeau said commenting the news for ‘WWD’.