Fashion » Lam Chop
Another month, another designer sale. In July, just weeks after Tuleh and Rachel Roy announced that they’d found new financial partners, Derek Lam sold a majority stake in his company to Vienna-based Labelux Group for an undisclosed sum. Labelux also owns shoe brand Bally International as well as London jewelry designer Solange Azagury-Partridge’s business. “We wanted to really make this a significant endeavor,” Lam told Women’s Wear Daily, W’s sister publication, of his namesake brand. “We came to the realization that to do that, you need a significant investment.” Lam, who will continue as creative director of Tod’s, plans to use the new funds to, among other things, open a 3,700-square-foot boutique at 10-12 Crosby Street in New York’s SoHo early next year.