PROENZA SCHOULER has confirmed that it has secured funding from Castanea Partners, in a move that has long been rumoured, reports WWD. The deal, of which details have not been disclosed, will see the private-equity firm join exisiting investors who purchased a 50 per cent stake in the brand from the Valentino Fashion Group and others in 2011.

News of the investment coincides with the announcement that existing CEO Shirley Cook – who has held the position since founders Jack McCollough and Lazaro Hernandez started the company in 2002 – is stepping down from the position. She will be replaced by former Saks Fifth Avenue president Ron Frasch, who is currently an operating partner at Castanea Partners.

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