Karl Lagerfeld has sold a minority stake in his eponymous fashion label.
PVH, previously Phillips-Van Heusen, has acquired a small part of the designer's company, hinting that the Lagerfeld designs will be expanding to North America.
As British Vogue reported, the Chanel creative director previously focused targeting Europe and Asia with his own brand, but will now see it crossing the pond thanks to its parent company.
"We are excited to have PVH as a shareholder," Pier Paolo Righi, president of Karl Lagerfeld, told WWD. "We have ambitious plans for the business and have embarked on an aggressive growth strategy, opening a new store every three weeks over the last six months. We believe PVH's strong track record in supporting the growth opportunity of global designer lifestyle brands will be a big asset."
The German designer has been busy growing his own line, as he recently opened his largest store in London. The famous designer has also launched his new signature fragrance masterbrand to expand his lifestyle brand.
Lagerfeld now joins American labels Calvin Klein and Tommy Hilfiger, which PVH also owns shares in.