British designer Christopher Kane is in talks with luxury conglomerate Kering to buy back control of his business.
Kering, which is also home to luxury super brands such as Gucci, Saint Laurent and Balenciaga, has issued a statement to say it is consulting with Kane “about the conditions in which the British designer could take back full control of the eponymous brand”.
Kane, a graduate of Central Saint Martins, founded his label in 2006 and Kering acquired a 51% stake in 2013. He is one of the most celebrated British designers and his shows remain a highlight of London Fashion Week, however relative to many of Kering’s assets the business is small.
Kering said it had made an accounting provision to classify the brand as “Non-current Assets Held for Sale and Discontinued Operations” in its next set of half-year numbers to 30 June, which are due to be published on 26 July.
“Christopher Kane and Kering wish to continue to collaborate with the aim of achieving a gradual and harmonious transition,” Kering said in a statement.
The move comes shortly after Kering sold back its 50% stake in British designer Stella McCartney’s label after a 17-year partnership. McCartney had entered into a joint venture with what was then Gucci Group to enable her to launch her sustainable and cruelty-free business, but she is now in full control of the brand and the business is now headquartered in London. Last week it opened a new flagship on London’s Old Bond Street, which was seen as a bold statement about its new independent status.
For its part, Kering would appear to be focusing its efforts on its larger, international super brands. It recently stated an ambition to grow its phenomenally succesful Gucci brand into a €10bn business.