Stella McCartney takes the reins of eponymous fashion brand
LOS ANGELES (AFP) - Fashion designer Stella McCartney is set to become the sole owner of her eponymous label, following an agreement with the luxury conglomerate Kering.
The British creative is buying the group's 50% stake in Stella McCartney Ltd, Kering has announced, following 17 years of joint business.
"It is the right moment to acquire the full control of the company bearing my name," said McCartney in a statement. "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."
"It is the right time for Stella to move to the next stage," added Pinault, the Chairman and CEO of Kering. "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."
McCartney will retain close links with Kering, collaborating on sustainable fashion issues and keeping her position as a board member of the Kering Foundation, an organization focused on stopping violence against women.
Since its launch by McCartney and Kering in 2001, Stella McCartney the label has gone on to carve out a niche in the high fashion industry for sustainable, luxury apparel, beauty and lifestyle accessories, with a focus on ethical, environmentally-friendly and animal-friendly practices.
Last year, the creative became the first recipient of a brand new "Special Recognition Award for Innovation" at The Fashion Awards 2017.