LVMH and Stella McCartney, are teaming up.
The world's largest fashion group announced that it had acquired shares in the British sustainable luxury fashion label after McCartney ended her 17-year partnership with rival Kering which owned half of the company.
With this, LVMH will supplement its portfolio with a brand that stands for sustainability. 'I am extremely happy with this partnership with Stella. It is the beginning of a beautiful story together, and we are convinced of the great long-term potential of her House. It emphasizes LVMH Groups' commitment to sustainability. LVMH was the first large company in France to create a sustainability department, more than 25 years ago, and Stella will help us further increase awareness on these important topics,' Bernard Arnault, Chairman and CEO of LVMH, said in a statement.
McCartney who had taken full ownership of her brand in March 2018 was approached by various parties but none could match that of Kering. 'The chance to realize and accelerate the full potential of the brand alongside Mr. Arnault and as part of the LVMH family, while still holding the majority ownership in the business, was an opportunity that hugely excited me. Partnering with M. Arnault, his family and LVMH is a big step for me and my family, but also the team at Stella McCartney. The brand has achieved so much since its launch, and this new partnership with LVMH is recognition of that work, but this I feel is just the start, and I look forward to a brilliant future together' she added.
All details of the deal are expected to be announced in September. However what is known now is that McCartney who holds majority ownership will remain creative director and principal owner of her company, and continue to represent her brand. Together with LVMH, she will accelerate her label's worldwide development in terms of business and strategy, while of course remaining faithful to its long-lasting commitment to sustainable and ethical luxury fashion. In addition, the Briton will support Arnault and the Group's Executive Board as a sustainability advisor.
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