Stella McCartney has taken back 50-percent stake in her fashion label from Kering after a 17-year partnership.
The French luxury group and the British designer established Stella McCartney in 2001 and built it to be the leading designer house with a focus on sustainability – she refuses to use leather or fur in collections. Despite parting ways and taking full control of the label from Kering, McCartney will remain on the board of the Kering Foundation and will also continue to work with the company in their efforts to become more sustainable.
Following the news, the brand issues a formal announcement on their website while other reports state that McCartney will buy back her company with her own money without any financial support from her father, Paul McCartney. She is one of a few female designers that owns her business out right and is currently not looking for a new partner. In a statement she said:
“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 François-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.”
Meanwhile, Kering’s CEO François-Henri Pinault, added “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.”