Stella McCartney takes control of her eponymous brand
Kering has agreed to sell its 50% stake in Stella McCartney to its founder in a move that will make her the sole owner of the luxury lifestyle label, the brands announced on Wednesday.
“It is the right moment to acquire the full control of the company bearing my name. This opportunity represents a crucial patrimonial decision for me,” commented Stella McCartney, who launched her brand in partnership with Kering in 2010.
The British designer and Kering will continue to collaborate with the aim of guaranteeing a smooth transition in order to minimize disruptions and maintain the brand’s momentum in the market. She will also remain on the board of the Kering Foundation, and will work closely with Kering to drive a more sustainable fashion industry.
McCartney thanked Francois-Henri Pinault, his family and Kering “for everything we have built together in the last 17 years. I look forward to the next chapter of my life and what this brand and our team can achieve in the future.”
François-Henri Pinault, chairman and CEO of Kering, added: “It is the right time for Stella to move to the next stage. Kering is a luxury group that empowers creative minds and helps disruptive ideas become reality. I am extremely proud of what Kering and Stella McCartney have accomplished together since 2001. I would like to thank Stella and her team wholeheartedly for everything they have brought to Kering – far beyond business. Stella knows she can always count on my friendship and support.”
Courtesy of © 2018 FashionNetwork.com All rights reserved.