Kering, the luxury conglomerate formerly named PPR, announced on Friday that it had taken a minority stake in Altuzarra, the label started in 2008 by the French-American designer Joseph Altuzarra.

Joseph Altuzarra’s namesake label is one of the hottest young brands in fashion, with his clothes regularly spotted on red carpet-trotting celebrities including Jessica Paré and Jennifer Lawrence.

“This partnership will allow us to take the Altuzarra brand to the next stage of its development in accordance with my creative vision. I could not be happier or more proud!” said Altuzarra.

Born in 1983 to a French father and a Chinese-American mother, the young designer somewhat spans the transatlantic fashion divide, and set up his own label in New York City, having previously worked as assistant to Givenchy creative director Riccardo Tisci in Paris.

The move comes as Kering looks to establish its stronghold among the next generation of fashion designers. In January this year the company announced that it had purchased a 51 percent stake in the highly rated London fashion label Christopher Kane.

PPR had previously invested in (then emerging) designers Stella McCartney and Alexander McQueen, growing the two labels into global brands.