Stella McCartney Buys Out Kering
It was announced yesterday afternoon that Kering Group is selling its 50% stake in fashion label, Stella McCartney back to the namesake designer following a 17-year partnership together. The British designer had the option to buy back the shares owned by parent company Kering until March 31st this year, according to the terms of their joint venture in 2001.
“It is the right moment to acquire the full control of the company bearing my name," said Stella McCartney. "This opportunity represents a crucial patrimonial decision for me. I am extremely grateful to Francois-Henri Pinault and his family and everyone at the Kering group for everything we have built together in the last 17 years. I look forward to the next chapter of my life and what this brand and our team can achieve in the future.”-
“It is the right time for Stella to move to the next stage," added François-Henri Pinault, chairman and chief executive of Kering. "Kering is a luxury group that empowers creative minds and helps disruptive ideas become reality. I am extremely proud of what Kering and Stella McCartney have accomplished together since 2001."
The deal followed months of speculation with first-hand sources saying Wednesday’s announcement was originally slated for early January. Paul McCartney, father to Stella, is also said to have played a role in helping finance the buyback; however this has not been officially confirmed. We expect McCartney’s vision for fashion will not change; exquisite modern femininity in a socially responsible matter and we for one cannot wait to see her going alone, something that is very few and far between in the fashion industry.