Kering offloads Stella McCartney stake
The deal ends a 17-year old partnership between the two businesses that has seen the McCartney business expand into more than 100 countries, with 51 of its own free-standing stores around the world.
McCartney, a fashion magnate and the daughter of musician Paul McCartney, said in a statement that the split would be a turning point for her business.
“It is the right moment to acquire the full control of the company bearing my name, this opportunity represents a crucial patrimonial decision for me,” McCartney said. “. I look forward to the next chapter of my life and what this brand and our team can achieve in the future.”
McCartney did not reveal her immediate plans for the business following the buy-back.
The value of the deal was not disclosed but comes at a disruptive time for both businesses, with Kering previously signalling its intention to focus more of its attention on other brands in its stable.
Only last month Kering unveiled a 120 per cent jump in its net profit for 2017, driven by 6 billion euros in sales from its Gucci brand and “spectaucular” growth from Yves Saint Laurent.
“It is the right time for Stella to move to the next stage. Kering is a luxury group that empowers creative minds and helps disruptive ideas become reality,” Kering chief executive and chairman François-Henri Pinault.
“I am extremely proud of what Kering and Stella McCartney have accomplished together since 2001. I would like to thank Stella and her team wholeheartedly for everything they have brought to Kering – far beyond business. Stella knows she can always count on my friendship and support.”
Stella McCartney and Kering jointly agree to go separate ways after a successful 17-year partnership; thank you to @KeringGroup for the wonderful journey together: https://t.co/zNaZqQN2Ex pic.twitter.com/3PXHIE4WNo
— Stella McCartney (@StellaMcCartney) 28 March 2018
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