Breaking News: Alaïa in surprise deal with Richemont

I heard rumours in Paris last week about a major luxury group taking a significant stake in Azzedine Alaïa's business, after he bought his business back from Prada this summer. Today's WWD confirms the mystery conglomerate as Richemont, a company known more for luxury watches and jewellery than high fashion.

Azzedine Alaïa is the ultimate fashion insider brand, loved by legions of devoted fans of his signature 80's body-con dresses that have come into fashion's favour again of late. Alaïa's intricate and complex garment construction and personal touch are vestiges of a different era in fashion, and for this he is respected by even the most jaded fashion types.