Lagerfeld likely will join Lauren in dressing the incoming First Lady.
Under ceo Fabian Garcia, Revlon plans to grow into a $5 billion company in five years.
The $845 million deal gives the private equity firm control of 13.9 percent of activewear company and two board seats.
The company has its own initiatives on ensuring humane working conditions.
With the exception of a few mass lines, products to clean and style children’s hair have been an overlooked segment of the $12 billion-plus hair category.
The name of the luggage and accessories firm that he founded was not disclosed.