While the glitterati have been nursing sore heads since Valentino's lavish 45-year anniversary preparations last weekend, the business has been going full steam ahead; Valentino Group Spa has bought a 45 per cent stake in US fashion label Proenza Schouler, the four-year-old venture of design duo Lazaro Hernandez and Jack McCollough.

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

The move is not only a coup for Proenza Schouler, which is known for its modern take on classic elegance. The label has a huge celebrity following and this year won Hernandez and McCollough the CFDA Womenswear Award in an unprecedented tie with veteran designer Oscar De La Renta - making it a clever investment.

"These two young guys are very fresh and outstanding," Stefano Sassi, Valentino Fashion Group's chief executive officer - who will now also become chairman of Proenza Schouler - told WWD. "I think they have a great potential to grow. They have the talent, and we can provide them the financial resources that are required to develop the business. It's the perfect marriage."