We aren't really sure why the old coot did it, but it has been reported today that Valentino Fashion Group SpA has bought a sizeable stake in Proenza Schouler!

The stake is 45%, to be exact and cost Valentino $3.7 million. Now, we know that is a lot of dough but to own nearly half of a very young (less than five years in business) and yet very up-and-coming company, it seems like kind of a bargain. When you add in that the new infusion of cash can only help Jack McCollough and Lazaro Hernandez expand their budding business and make fashionistas around the world (such as ourselves) happy.

In case you are not completely familiar with the brand, here are a few examples of their recent work:

This is from their line they designed for Target. Yes, Target the hip and cool alternative to Wal-Mart. Which means that technically, Valentino is sold at Target. Sorta. But not really.

A few runway looks:

Hahaha, call us catty but we still think it's funny when models can't do the only thing they are paid to do – walk.