After ages of will-they-or-won’t-they, Jack McCollough and Lazaro Hernandez have finally said “I do” to new backers. Announced today, the duo has entered a partnership with Andrew Rosen and John Howard, who’ve acquired the designers’ Proenza Schouler label from Permira Group, which earlier had acquired it from Valentino Fashion Group. Rosen, founder and co-CEO of Theory, and Howard have purchased a 45% minority stake in the label.

With Rosen and Howard’s expertise and Jack and Lazaro’s critically acclaimed work (their last two collections have earned them numerous accolades, along with a US Vogue cover), Proenza Schouler may very well be the next major American brand. While the designers have dipped their toes into denim, eyewear and shoes before, not to mention launching the widely popular PS1 bag, they have yet to make a significant dent in those markets. With the help of Rosen and Howard, that could change.

A storefront, too, is sure to follow, and if Rosen and Howard follow their tried and true patterns, a lower-priced diffusion line could also be on the agenda, a la Oliver Theyskens for Theory. No matter what, we’re glad the designers’ union is being recognized.