Luxury group Kering has sold its 50% stake in Stella McCartney back to the designer, giving her 100% of the business.
McCartney will remain a board member of the Kering Foundation, and the brand house and McCartney will continue to collaborate closely in the field of sustainable fashion.
McCartney said: “It is the right moment to acquire the full control of the company bearing my name. This opportunity represents a crucial patrimonial decision for me. I am extremely grateful to Francois-Henri Pinault and his family and everyone at the Kering group for everything we have built together in the last 17 years. I look forward to the next chapter of my life and what this brand and our team can achieve in the future.”
Pinault, chairman and CEO of Kering, added: “It is the right time for Stella to move to the next stage. 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. I would like to thank Stella and her team wholeheartedly for everything they have brought to Kering – far beyond business. Stella knows she can always count on my friendship and support.”