Last night, the French holding company said it had purchased the controlling stake in the British label, hoping to open Kane's first store (possibly next year in London) and introduce another ready-to-wear line, WWD writes. The two parties were rumored to be in discussions since November. Of Kane, PPR chairman François-Henri Pinault told the paper: "In just a few years, he has built a very distinctive and exciting brand with a unique DNA ... We thus have great ambitions for the brand and will enable it to benefit from our expertise and know-how, while providing the space for it to further develop its own creative identity."
Kane added, "PPR understands and appreciates our creative independence, but at the same time has the experience and expertise to be able to help us grow our business globally ... PPR felt like the most natural fit." Sounds so cozy! For now, PPR hasn't found a CEO, and Kane's sister Tammy plans to take care of the business side. We're glad this worked out so well for him, though, as Cut Personal Heroine Hilary Alexander tweeted: "great news but hope it doesn't mean London Fashion Week loses him to Paris?"