Designer Stella McCartney has has sold a minority stake in her business to LVMH to accelerate worldwide development of her eponymous British luxury fashion brand, and as part of a wider sustainability push at the luxury goods group.
The move comes 16 months after McCartney parted ways with French luxury apparel group Kering, with whom she had a 50:50 partnership. It will see the designer continue as creative director and ambassador of her brand while holding majority ownership. She will also hold a specific role on sustainability as special advisor to LVMH chairman and CEO Bernard Arnault and the executive committee members.
The full scope of the agreement is due to be revealed in September.
“Since the announcement of my decision to take full ownership of the Stella McCartney brand in March 2018 there have been many approaches from various parties expressing their wish to partner and invest in the Stella McCartney house,” McCartney says, adding: “The chance to realise and accelerate the full potential of the brand…while still holding the majority ownership in the business, was an opportunity that hugely excited me.”
“We are convinced of the great long-term potential of her house,” agrees Bernard Arnault. “A decisive factor was that she was the first to put sustainability and ethical issues on the front stage, very early on, and built her house around these issues. It emphasises 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.”
LVMH’s Fashion and Leather Goods division includes Louis Vuitton, Christian Dior Couture, Celine, Loewe, Kenzo, Givenchy, Pink Shirtmaker, Fendi, Emilio Pucci, Marc Jacobs and Loro Piana.