Karl Lagerfeld has sold a minority share in his eponymous label.

The fashion icon is eyeing up expansion in North America after conquering Europe and Asia, and has now sold a minority stake in his brand to PVH, formerly known as Phillips-Van Heusen.

Pier Paolo Righi, president of Karl Lagerfeld, announced to WWD: ''We are excited to have PVH as a shareholder. We have ambitious plans for the business and have embarked on an aggressive growth strategy, opening a new store every three weeks over the last six months.

''We believe PVH's strong track record in supporting the growth opportunity of global designer lifestyle brands will be a big asset.''

PVH, which also has shares in Calvin Klein and Tommy Hilfiger, joins other investors in Karl Lagerfeld including Apax Funds, the Chou Group, Tommy Hilfiger himself and Fred Gehring, Tommy Hilfiger's CEO.

Karl has so far only opened standalone stores in Paris, Berlin, Munich and most recently London, as well as Beijing, Shanghai and Chengdu.

Chanel's creative director has a busy few months ahead, which will see him designing a hotel in Macau and showcasing Chanel's cruise collection in Dubai.