Stella McCartney to fly solo, buys out Kering
British fashion designer Stella McCartney is to take full control of her brand, buying the 50-percent stake held by French luxury group Kering, the two sides announced on Wednesday.
Stella McCartney and Kering said in a joint statement that they had "entered into an agreement for the sale and purchase of Kering's 50-percent stake in Stella McCartney Ltd to Stella McCartney, who will thus become the sole owner of her brand in its entirety."
After a partnership with Kering, which also owns Gucci, dating back 17 years, "it is the right moment to acquire the full control of the company bearing my name," said McCartney, daughter of former Beatles frontman Paul McCartney.
Financial details were not disclosed, but McCartney had had until March 31 to exercise a long-standing option to repurchase the stake.
"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," McCartney said.
The statement said they would continue to cooperate "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 would also remain a board member of the Kering Foundation, which is dedicated to stopping violence against women and improving women's lives.
And "Kering and Stella McCartney will continue to collaborate closely in the field of sustainable fashion," the statement said.
Kering CEO Pinault said it was "the right time for Stella to move to the next stage. I am extremely proud of what Kering and Stella McCartney have accomplished together since 2001."
© 2018 AFP