Proenza Schouler Spring 2011 runway peach coat

A look from the Proenza Schouler Spring 2011 runway. Photo: AP

Have the Proenza Schouler boys found a buyer? In "theory"...

The rumor mill is buzzing that the Theory fashion house is in talks to purchase the young label from European private equity fund Permira, WWD reports.

Though Theory co-founder and president Andrew Rosen first denied reports of a buy-out in the spring, sources tell the paper that a deal is brewing.

Exhibit A: Rosen reportedly attended the Sept. 15 Proenza Schouler Fashion Week show. Iiiinteresting!

Though designers Jack McCullough and Lazaro Hernandez own a 55 percent stake of their label, along with their CEO Shirley Cook, Theory -- which recently launched e-commerce -- is reportedly keen to take on the remaining 45 percent share purchased by Permira, the owners of Valentino, in 2007.

The deal would presumably boost Theory's profile, while offering the celeb-adored Proenza label -- which recently teamed up with J Brand on a jeans line -- new resources and growth opportunities, according to WWD.

Neither party had a comment at this time, but stay tuned for details.

Meanwhile, check out Proenza Schouler's goth Fall/Winter 2010-11 campaign.