Japan's Cross Company is now the majority owner of hip menswear line Thom Browne. It was a private transaction and terms have not been released. WWD reports:
The men's designer, known for his cropped pants and lean tailoring, first teamed up with Cross this summer when the Japanese company took a 20 percent stake in his company at an undisclosed price.
At that time, Cross president Yasuharu Ishikawa said he would be open to eventually increasing his company's stake in the business.
Browne and Cross also established a new company called Thom Browne Japan to oversee the brand's business here. The two partners plan to open a Thom Browne flagship in Tokyo next year.
Yasuharu Ishikawa made it clear that the increased stake was made to save a brand that they believe in. Apparently the design house -- like so many designers during this recession -- was in dire financial straits.
You may recall that Anna Wintour told David Letterman that he would love Thom Brown suits because the pant legs are cut shorter to show off fancy socks. Letterman loves his fancy socks.
