After speculation first surfaced in November, PPR has confirmed that it has bought a 51% stake in the business of London Fashion Week label Christopher Kane reports WWD.
Kane's new parent company will seek to accelerate the expansion of the label by opening a stand-alone store in London next year and creating a secondary ready-to-wear line.
"In just a few years, he [Kane] has built a very distinctive and exciting DNA" said François-Henri Pinault, PPR's chairman and chief executive.
Pinault added: "Christopher Kane is already established as a luxury label and has tremendous intrinsic growth potential. We thus have great ambitions for the brand."
The British Fashion Council's CEO Caroline Rush congratulated both parties on the deal. "This morning's announcement is great news for Christopher Kane and high end British designers alike" she said. "We have an incredible group of designers in London with the potential to become global brands of the future. Our hope is that this partnership signals confidence in British designer businesses and is the start of a series of new investments in the world's most innovative talents."
Kane recently parted ways with Versace's sister line Versus, where he had been design director for four years. He was rumored to take the helm at Balenciaga before Alexander Wang was named.
Other brands under the PPR umbrella include fellow London-based labels Stella McCartney and Alexander McQueen, alongside Saint Laurent, Gucci and Balenciaga.