Kering (formerly PPR) is stepping up investment in its luxury portfolio by entering into a joint venture with Tomas Maier to develop the US-based brand.

The joint venture will focus on developing the brand's product portfolio - which includes swimwear, knits and jersey - into a complete lifestyle proposition.

Maier himself will continue to be creative director of Kering-owned Bottega Veneta, a position he has held since 2001.

The move comes after Kering bought a minority stake in New York-based women's wear label Altuzarra in September, and acquired a 51% stake in designer brand Christopher Kane

However, earlier this month it warned its full-year profit will be down "significantly" on the prior year, hurt by one-off charges at Puma and the disposal of its mail order business, La Redoute.

The company has also been divesting brands from its Redcats mail order division after it failed to find a buyer for the whole business.