BREAKING: Stella McCartney is buying back her brand

BREAKING: Stella McCartney is buying back her brand

Owning it

Site: Lucie Clark

Image: Image credit: Getty Images

Brit fashion designer Stella McCartney is buying the 50 per cent stake in her namesake brand from Kering, giving McCartney 100 per cent ownership of the label

WWD broke the story after an exclusive interview with the designer who said the opportunity to buy back Kering's stake in her brand was, "an opportunity she couldn't turn down." She will still maintain a relationship with the global French luxury company remaining on the board of the Kering Foundation and continuing to, "collaborate with the French luxury giant on sustainability in fashion."

Kering co-founded the Stella McCartney label back in 2001 and according to WWD there has been a long-standing option in McCartney's contract to purchase Kering's 50 per cent stake which was "exercisable by March 31 of this year."

Chairman and CEO of Kering, François-Henri Pinault said in a statement, "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."

The transition to 100 per cent ownership sounds like it will be smooth for the designer with both McCartney and Kering appearing to be on board with this big next step for the brand.

McCartney is known for her commitment to environmental sustainability within the fashion industry which she is sure to continue even without the weight of the Kering resources behind the brand. McCartney told WWD"she will continue to publish an EP&L (environmental profit and loss) and work alongside Kering on other environmental initiatives."

It is not known how McCartney will be funding the buy back, but WWD reports her famous musician dad, Paul McCartney, "will not bankroll any deal."

BREAKING: Stella McCartney is buying back her brand (фото 1)

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