Massive changes are afoot at Proenza Schouler. Today the brand announced that founders and designers Jack McCollough and Lazaro Hernandez, with the help of new private investors, have bought back their brand in its entirety. The brand has promised that the new capital will enable it (and its secondary line, PSWL) to expand globally.
Naturally with new ownership there is a changing of the guard among the executive team. Effective today, Judd Crane is stepping down as CEO, and Kay Hong (former CEO of Torrid, Inc) will take his place. CFO John Paolicelli is also out. In the interim the position will be filled by Jonathan Friedman, who has been consulting with the brand for several months. Finally Mary Wang, former EVP of Alexander Wang, has joined the company as COO. There is also a new board of directors.
“We are thrilled to embark on this new, very exciting chapter of Proenza Schouler and are delighted about the team of industry leaders we have assembled who, together with us, will help drive the business to its full potential,” McCollough and Hernandez said in a statement. “We couldn’t be happier to have Kay, Mary and Jon by our side and to once again have full authority over our company’s destiny.”
Congrats to McCollough and Hernandez — having control of their brand again is certainly an exciting way to cap off 2018.