Lazaro Hernandez

>> Proenza Schouler designers Jack McCollough and Lazaro Hernandez have decided which high-profile woman they're taking to this year's Costume Institute Gala.

McCollough and Hernandez will be taking Australian ingenue Isabel Lucas, who attended last year's gala as a guest of Louis Vuitton. Lucas's star shines bright in the land Down Under, and it's been getting brighter in the United States since she starred in 2009's Transformers: Revenge of the Fallen. Since then she's also been tapped for Steven Spielberg's miniseries The Pacific and played the role of Athena in last year's Immortals.

The only other designer whose date has been revealed is Joseph Altuzarra, who will be dressing and escorting singer Lana Del Rey. She recently appeared on the covers of British Vogue and French Glamour. This will be her first time at a Met Gala.

Last year, Altuzarra walked the red carpet with Arizona Muse, while Lazaro and Hernandez took Kristen Stewart.

Photo: Isabel Lucas in Louis Vuitton at last year's Met Gala.

>> After the cash infusion Proenza Schouler received from 20 investors — led by Theory founder Andrew Rosen — in July, it was speculated that the money would be put towards a significant expansion of the label — in the way of accessories, retail, e-commerce, or potentially denim. It sounds like the last category will be the first focus: Jack McCollough and Lazaro Hernandez, who have collaborated with J Brand on jeans in the past, plan to introduce their first denim line in December or January. They were already fitting samples last week. [On the Runway]

>> Theory founder Andrew Rosen led a group of 20 investors in a deal that was finalized Friday, giving them ownership of a stake in Proenza Schouler. WWD reports that the group invested between $10 and $20 million in exchange for a minority stake equal to that held by Proenza Schouler's management. By comparison, Permira bought a 45 percent stake in the label — which it no longer holds — in 2007, for $3.7 million.

Apparently little of the new cash will be going straight to Jack McCollough and Lazaro Hernandez; they are said to have passed up opportunities for a bigger payday in order to maintain more control over the label.

So where is the money going? It's speculated that before the designers venture into new tiers — like, say, a diffusion line — they'll focus more on accessories, retail, e-commerce, and potentially denim (they have collaborated with J Brand in the past). Earlier this year, Proenza Schouler CEO Shirley Cook also suggested that they've been considering a fragrance launch.

>> As suggested, after more than a year of negotiations, Permira has finalized the sale of its stake in Proenza Schouler to a group of investors that include Theory founder Andrew Rosen and John Howard.

According to a statement from Proenza Schouler, the new partnership is a "recapitalization" of the label and will allow it "to enter a new phase of development.” Valentino Fashion Group (which is owned by Permira and bought the 45 percent stake in Proenza Schouler in 2007 for $3.7 million) will keep a minority share in the new partnership.

“We are thankful to VFG for giving us a start, and allowing us to get where we are today,” Jack McCollough, Lazaro Hernandez, and Proenza Schouler CEO Shirley Cook said in a joint statement. “There’s so much we’d like to accomplish and have found the perfect complement in John and Andrew to help us realize our dreams.”

Rosen and Howard, meanwhile, jointly commented: “When we look at the current state of American fashion, we see the next generation focused in the advanced contemporary space. We believe that the Proenza business is the future of American luxury, and uniquely poised to compete in a global marketplace, which is currently dominated by European designers. In infusing this brand with our resources and experience, we will position this business to achieve its full potential."

This is a personal investment for Rosen, who also hold similar investments in Alice + Olivia, Gryphon, and Rag & Bone.

>> The CFDA/Vogue Fashion Fund judging committee — which this year includes Jack McCollough, Lazaro Hernandez, Vogue's Mark Holgate, Jeffrey Kalinsky of Jeffrey and Nordstrom, CFDA executive director Steven Kolb, Reed Krakoff, Andrew Rosen, Diane von Furstenberg, Jenna Lyons, and Anna Wintour — have determined the 2011 finalists. They are:

AA, Antonio Azzuolo
Altuzarra, Joseph Altuzarra
Carlos Campos, Carlos Campos
Creatures of the Wind, Shane Gabier and Christopher Peters
Cushnie Et Ochs, Michelle Ochs and Carly Cushnie
Finn Jewelry, Soraya Silchenstedt
Fenton/Fallon, Dana Lorenz
Ohne Titel, Alexa Adams and Flora Gill
Pamela Love
Suno, Max Osterweis and Erin Beatty

Joseph Altuzarra and Pamela Love are repeat finalists from last year, and Ohne Titel was a finalist in 2009. The winner and two runners-up will be announced Nov. 14.

>> Heading to the beach? Starting tomorrow, you'll be able to bring a little locale-appropriate Proenza Schouler with you: a sporty beach bag ($485) and a graphic-print beach towel ($145) . The waterproof bucket bag features bungee-cord drawstrings and straps, and comes in a choice of two colors: black and blue. "It’s definitely the kind of bag our friends, guys included, would carry to the beach. We’ve ordered two for ourselves,” Jack McCollough and Lazaro Hernandez said. Both pieces are available exclusively on ProenzaSchouler.com starting tomorrow, June 9. [The Moment]