LVMH buys into fashion design house of Stella McCartneyAugust 12, 19
Insideretail.asia reported that LVMH has bought a cornerstone share in Stella McCartney House.
Full details of the deal will be released in September, however LVMH has confirmed Stella McCartney will continue as creative director and ambassador of her brand, while holding majority ownership.
LVMH's archrival house Kering previously held a stake in Stella McCartney House until the celebrity bought it out in March last year. The two new partners said their arrangement will aim to accelerate Stella McCartney House's worldwide development in terms of business and strategy, yet remain faithful to its commitment to sustainable and ethical luxury fashion.
Stella McCartney will hold a specific position and role on sustainability within LVMH as special advisor to the chairman and CEO, Bernard Arnault, and the executive committee members.
"Since the announcement of my decision to take full ownership of the Stella McCartney brand, there have been many approaches from various parties expressing their wish to partner and invest in the Stella McCartney House," said McCartney.
"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," said McCartney.
Arnault described the announcement as "the beginning of a beautiful story together".
"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 [she] built her house around these issues. It emphasises LVMH Groups' commitment to sustainability."