Kering and fashion label Stella McCartney have agreed to end their 17-year partnership, as the British designer behind the brand buys the 50 per cent owned by the French luxury goods group. They did not disclose financial terms for the deal.
Ms McCartney, known for her understated designs and commitment not to use fur or leather, had an option until March 31st to buy out half of her label under the terms of the partnership.
“It is the right moment to acquire the full control of the company bearing my name,” the designer said.
Kering will continue to lend some support and services to the brand for a year, and the split will be final by the end of the first quarter of 2019.
McCartney launched her eponymous label in partnership with the Gucci Group, formerly a division of what is now Kering, in 2001.
The split with Stella McCartney comes as Kering prepares to spin off German sportswear label Puma to its own shareholders. – Reuters
