Fashion designer Stella McCartney has cut the brand Kering’s 50 per cent share out of her fashion empire in a bid to move forward with an independent business.
The 46-year-old 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 per cent hold in her brand so she can focus on building an independent business.
McCartney, the daughter of Beatles legend Paul McCartney, insists the two parties are ending their co-operation on good terms and she will forever be grateful for their “incredible partnership”.
“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,” she told WWD magazine.
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.
