Stella McCartney signs major deal with LVMH. After parting ways with Kering last year, Stella McCartney has signed to their rival conglomerate LVMH.
McCartney will continue to hold the position of creative director and will be the sustainability advisor to LVMH chairman and chief executive officer, Bernard Arnault, and the executive committee members.
Arnault told WWD: “It is the beginning of a beautiful story together, and 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 built her house around these constraints. It emphasises LVMH Group’s commitment to sustainability.”
Since buying back her brand in March 2018, McCartney has been approached by a number of investors.
But she explained why she chose LVMH.
“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.”
Full details of the deal that swayed her to give up her private ownership will be announced in September.
But, LVMH said the worldwide development was first on their agenda for Stella McCartney ‘while of course remaining faithful to its long-lasting commitment to sustainability and ethical fashion.”
McCartney split from Kering after 17 years of co-ownership (they each held 50-50 stake in the business).
Two months after, McCartney told the Copenhagen Fashion Summit that, as one of the few female leaders in the industry, “it would have been rude not to.”
This is the second female-run fashion house that LVMH has welcomed into its fold in 2019.
The French titan unveiled Rihanna’s ready-to-wear collection Fenty in May.
Speaking about her boss’ business prowess, Rihanna said: “Mr Arnault is not an idiot, he’s a very smart man and he’s open.”
Stella McCartney signs major deal with LVMH