From Yahoo News:
German firm Puma says it will buy Hussein Chalayan fashion label
Thu Feb 28, 12:46 PM ET
PARIS (AFP) - German sportswear group Puma said Thursday it had agreed to buy a majority stake in fashion designer Hussein Chalayan's London-based business as well as the brand by the same name.
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No financial details were disclosed.
In addition, Chalayan would supervise "the creation, design and collection of (Puma's) Sportfashion collection," starting with the fall 2009 clothing line, Puma said in a statement.
Chalayan, born in Nicosia, Cyprus, would work from London, said Puma manager Jochen Zeitz at a media conference in Paris. Puma recently came under the control of French luxury group PPR.
"This is a real marriage and not just a collaboration," Chalayan added, who has always said he strives "to create a new language for clothes."
The Wall Street Journal said the designer was facing financial difficulties and needed support from a solid group.
The agreement is also part of Puma's move to add fashion lines to its athletic performance and lifestyle lines. It has already worked with Alexander McQueen and with Jil Sander, a decade ago.
Chalayan, a graduate of St. Martin's School, has twice been named British designer of the year by the British Fashion Council and has won awards including Design Star Honoree of The Fashion Group International at its annual Night of Stars Gala in New York.