Renzo Rosso, the founder of denim brand Diesel, has bought a majority stake in designer label Viktor & Rolf for an undisclosed sum.
Diesel-founder Renzo Rosso has acquired the majority stake in Viktor & Rolf via his Only the Brave company.
Rosso plans to make major investments in Viktor & Rolf to boost its ready-to-wear business, create new licensing agreements including eyewear and jewellery and to open standalone stores.
Rosso said he aimed to build Viktor & Rolf into one of the "top reference fashion houses of the future".
Rosso added: "Ever since the beginning of their career, Viktor & Rolf have tickled my curiosity for their unbelievable out-of-the-box creativity. We studied each other for more than two years to get to this point."
Rolf Snoeren, one half of the Viktor & Rolf design duo, said: "We felt that we needed a strong partner to grow the business. Fashion has changed so much that in order to achieve those dreams you need a good partner."
Viktor & Rolf currently has an exhibition at London's Barbican Art Gallery. In 2006 the design duo created a fashion range for H&M, the young fashion high street retailer.