Fashion designer Esteban Cortazar, formerly creative director of Emanuel Ungaro, has sold a majority stake toLondon-based MH Luxe to grow his eponymous label.
The Paris-based fashion label was launched in 2012 and offers luxury ready-to-wear and accessories and was founded as an online exclusive with Net-a-Porter, where the collection was available to buy shortly after being presented to press.
The financial terms of the deal have not been disclosed, but MH Luxe has stated it was a “considerable” investment and that they would support Cortazar's "growth over the coming years," WWD reports.
The house will present two large collections exclusively to retailers during the July 2014 resort market and the January 2015 pre-fall market respectively. Each collection will be broken up into three delivery windows, insuring that stores receive new looks over a six-month period and the label will continue to be sold via Net-a-Porter as well as expand into 10 to 15 new international department stores in Europe, the US and the Middle East.