Happy days for Jason Wu at NY Fashion Week

Jason Wu, one of the darlings of the New York fashion world, celebrated a double success Friday: his latest collection made a splash and he sold a controlling stake in his business.

The 31-year-old whiz kid wowed day two of Fashion Week with an elegant, clean-cut collection entitled "Beauty" and inspired by "the impeccable style" of British actress Charlotte Rampling.

The Wu woman of spring/summer 2015 is discreet, elegant and sensual, dressed in silk dresses and shirts, an oversized white coat, transparent lace, wrap skirts revealing a bit of thigh and a sleeveless olive suede dress with a plunging V-neck.

The prints were soft, the lines clean and the colors generally gentle -- burnt umber, basil, navy, limestone and flame red.

Wu's stunning evening wear was a tribute to a sensuous and mysterious beauty -- generous pleated dresses cinched at the waist with narrow belts in navy or flame red.

The Taiwan-born Canadian, who lives in New York, is a busy man and his infectious smile gets only wider.

Friday's unveiling of his eponymous collection precedes next week's show of his line for fashion powerhouse Hugo Boss, where he has been artistic director since June 2013.

Wu set up own his brand in 2006 and hit the big time when First Lady Michelle Obama wore one of his dresses to her first inaugural ball in 2009.

He again dressed the first lady for her second inaugural ball in 2013.

On Friday, he unveiled his new "Diane" bag named after his perennial muse, the German actress and former model Diane Kruger.

He also announced that he was selling a majority share in his business to New York-based investor InterLuxe, which intends to specialize in luxury fashion.

The value of the sale has not been made public. But Wu said he was "looking forward to working with InterLuxe to "elevate the Jason Wu brand to the next level both in the US and abroad."

The first plans? To open a Jason Wu shop, increase Internet sales and drive up his share of the lucrative handbag market.