Stella McCartney and Kering have jointly announced McCartney will buy back her business from the Paris-based luxury conglomerate
The agreement sees McCartney purchase the 50 percent stake Kering owned in Stella McCartney Ltd, making Stella McCartney the sole owner of her brand.
The joint statement, which was published in a press release by Kering, states the cooperation between Stella McCartney Ltd and Kering will continue over time with the aim of guaranteeing a smooth transition in order to minimize disruptions and maintain the brand’s momentum in the market.
McCartney will remain on the Board of the Kering Foundation
McCartney will remain a Board member of the Kering Foundation and continue to collaborate closely in the field of sustainable fashion.
Stella McCartney commented: “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. I am extremely grateful to Francois-Henri Pinault and his family and everyone at the Kering group 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.”
Credit: Stella McCartney, source: StellaMcCartney.com