Stella McCartney and LVMH announce partnership
Stella McCartney has announced a partnership with luxury conglomerate LVMH just over a year after she bought back the 50% of her firm previously owned by rival group Kering.
In a statement Stella McCartney and LVMH said they would reveal the full scope of the partnership in September but said they would be working together to "further develop the Stella McCartney House".
McCartney will remain creative director and ambassador of the house, while retaining a majority shareholding. The pair said the goal of the partnership was to "accelerate [the brand'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."
Bernard Arnault, Chairman and CEO of LVMH, declared: “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. 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 Group's 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.”
McCartney added: “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.
"While these approaches were interesting none could match the conversation I had with Bernard Arnault and his son Antoine. The passion and commitment they expressed towards the Stella McCartney brand alongside their belief in the ambitions and our values as the global leader in sustainable luxury fashion was truly impressive.
"The chance to realise 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."
McCartney founded her label in 2001 with the then backing of the Gucci Group, now Kering. Last year she exercised a right to buy back its 50% stake and take full ownership, after which she opened a new flagship store on London's Bond Street.
Recently the brand's president Frederick Lukoff announced he would be leaving the business to join Dutch fashion label Scotch & Soda.