Stella McCartney has cut Kering’s 50 percent share out of her fashion empire in a bid to move forward with an independent business. The 46-year-old fashion designer has been in partnership with the luxury French fashion group for 17 years, and they jointly launched her self-titled fashion house, but she has decided to buy back their 50 percent hold in her brand so she can focus on building an independent business. Stella – the daughter of Beatles legend Sir Paul McCartney – insists the two parties are ending their co-operation on good terms and she will forever be grateful for their incredible partnership.
Speaking to WWD.com, she said: ‘I have had an incredible relationship with Kering, and first and foremost with the Pinault family, whom I consider to be great friends. I’m incredibly close to them. We had such a successful business together, an incredible partnership. We never had any hiccups.’ Francois-Henri Pinault – the chief executive officer of Kering – released a statement on Wednesday confirming the decision to part ways saying he was proud of the success they have achieved together and promises a smooth transition in the market.
‘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. Stella knows she can always count on my friendship and support.’