Word on the street is that French luxury and fashion giant LVMH will buy a minority stake in Stella McCartney’s design house, which has cut ties with LVMH’S fierce rival, Kering, after 17 years. LVMH confirmed the news that Stella McCartney, daughter of iconic Beatle Paul and designer of her eponymous fashion label since 2001, will “continue as creative director and ambassador for her brand while holding majority ownership”.
The deal will help “accelerate the worldwide development” of the company, LVMH said, adding that further details on the deal would be forthcoming later this year.
Stella McCartney — noted for her environmental credentials and concerns — will also become a “special adviser” to LVMH head Bernard Arnault on sustainable development policies, the company added. LVMH is the world’s biggest luxury and fashion company, which Arnault has built up steadily in rivalry with Francois Pinault’s Kering group.
“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 (company) around these issues,” he added.
Stella McCartney said that since her decision to quit the Kering tie-up and take back control of her company, there had been many approaches “from various parties expressing their wish to partner and invest.”
“While these approaches were interesting, none could match the conversation I had with Bernard Arnault and his son Antoine,” she said.
This article was published via AFP Relaxnews.