Fashion designer Jason Wu has sold a majority stake in his clothing brand

OHMYGOSSIP — Jason Wu has sold his majority stake in his brand. The fashion designer – whose dresses are favoured by Jennifer Lawrence, Kim Kardashian and First lady, Michelle Obama – has decided to sell his stake in his eponymous label after “months of talks and discussions”.

The investment firm, InterLuxe, which is chaired by Gary Wassner, a long-time friend of Jason’s, will now control the majority of the company.

According to WWD, the designer will use the undisclosed sum to open a flagship Jason Wu store, as well as further developing the e-commerce side to his business and launching his new handbag line in collaboration with ‘Inglourious Basterds’ actress, Diane Kruger.

Talking to the site, Jason shared: “The next level is really refining, defining and expanding the product offering, thinking about retail … being very serious about establishing a strong e-commerce platform and putting some serious concentration on the leather goods category, mainly handbags,”

Jason first gained prominence after American President, Barack Obama’s wife, Michelle, wore a Jason Wu dress for her husband’s first inauguration ball in 2009.

Four years later, the First Lady wore another Jason Wu design for the second inauguration ball, cementing Jason’s reputation as a designer.