New York-based designer Jason
Wu, has sold a controlling stake in his eponymous brand to InterLuxe an investment company funded by Lee Equity, chaired by Gary Wassner and presided over by Clifford Moskowitz. Wu has known Wassner for a longtime and after months of talks and discussions decided to take the next step.
In an interview with WWD, Wu expressed his reasoning behind the sale, which will essentially help him take his business (and earnings) to the next level: “I feel great that I can just have the support to really be able to concentrate on what I signed up to do really from Day One, [which] was to design and to create and to run a successful fashion business….It just means I have more expertise and support around me to be able to do what I do better.”
Wassner is noted to have said : “With Jason, both sides of his brain work. He’s particularly adept at understanding, both the business and the artistic side of fashion…he’s not trying to be the cool kid on the block. I like that.”
While it has not been reported how big the stake sold to InterLuxe is or its value Wu has revealed that he would use the investment to build his first flagship store in New York City, as well as to grow his e-commerce and handbag business. Wu will continue in his role as womenswear artistic director for Hugo Boss