Already a mouthful in English, Proenza Schouler should now be pronounced with an Italian accent.

Having just wrapped up momentous festivities in Rome for the 45th anniversary of its flagship brand, Valentino Fashion Group SpA has taken a 45 percent stake in the fashion label by Jack McCollough and Lazaro Hernandez, WWD has learned.

Stefano Sassi, Valentino Fashion Group's chief executive officer, will become chairman of Proenza Schouler, and Shirley Cook will continue to serve as the label's ceo.

"We're happy we now have a security net for our company, which we never had before," Hernandez said in an exclusive interview. "The business has been growing exponentially, and to do that you need the proper funding."

And it goes beyond the cash injection, McCollough added. "It's also having a strategic partner who can really get involved in terms of the factories, to be able to help with timely deliveries, and with distribution networks — all things the Valentino Fashion Group has a lot of strength in," he said.

Through its U.S. subsidiary, VFG spent $3.7 million for the stake, with the capital increase expected to drive "very significant and sharp" growth for the five-year-old firm, Sassi said.

"These two young guys are very fresh and outstanding.…I think they have a great potential to grow," Sassi said. "They have the talent, and we can provide them the financial resources that are required to develop the business. It's the perfect marriage."

McCollough and Hernandez first met Sassi and Matteo Marzotto, president of Valentino SpA, at Première Vision last February and were subsequently invited to join the executives for dinner at Marzotto's Paris home — a casual evening that triggered the talks. Sassi noted that negotiations with Proenza Schouler preceded the takeover offer by European private equity group Permira Holdings, which last month secured a majority stake of VFG through a series of deals with members of the Marzotto family, the previous owners.

Sassi said VFG's new shareholders "agreed on this kind of operation," noting the addition of Proenza Schouler would bring prestige and future growth potential.

"Valentino Fashion Group wants to be a leader in the fashion sector," Sassi said. "People like Lazaro and Jack, despite the fact that their business is not yet big, can bring something significant in terms of image."