Jason Wu Sold Majority Stake Of Company To InterLuxe

Today is a big day for

Jason Wu. Not only does he present his spring 2015 collection this afternoon, but the designer also announced that he has sold a controlling stake in his

business to investment firm InterLuxe.

Wu plans to use the funds to open a flagship store and expand his e-commerce and handbag businesses. Neither parties involved would disclose the financial terms of the deal.

When Wu started his business eight years ago, he said InterLuxe chairman
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Gary Wassner was one of his first supporters.

"I've known him for a long time, so when the new venture came out with InterLuxe as a platform to help designers grow to the next level, I decided after months of talks and discussions that this was the right opportunity for me to take that next step," Wu told WWD.

"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."

Wu, according to Wassner, is a fashion designer that's the complete package, meaning he's familiar with both the creative and business aspects of the industry.

"I work with a lot of designers. Some of them don't want to hear about the business side, they're not interested in it, they don't care what things cost. 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," he told WWD.

What do you think of Wu's decision to sell a majority stake in his business? Share your thoughts with us in the comment section below. 

FOLLOW: Jason Wu, New York Fashion Week, Business

Source : http://www.fashiontimes.com/articles/11292/20140905/jason-wu-sold-majority-stake-company-interluxe.htm

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