LVMH and Stella McCartney in partnership deal
Stella McCartney may have split from Kering last year, but it doesn’t means she’s going it alone. In a surprise move on Monday, LVMH announced that one of Britain’s leading designers, who’s also the flag-waver for all-things cruelty-free and sustainable is now linking up with the world’s largest luxury goods group.
The aim is to “accelerate the development” of the Stella McCartney brand globally. Few details were available, but the new partners promised a further update on just what this will all mean in September.
For now we know that McCartney will retain a controlling stake, will stay at the creative helm of her brand and will also continue to be its public face. The two companies will also ensure that the ethical stance the McCartney label is known for won’t change.
In fact, McCartney will also have a wider role within LVMH in relation to its development as a sustainability-focused group. She will act as a special advisor in the area to LVMH chief Bernard Arnault himself and to the group’s executive committee members.
On Monday, Arnault said he’s convinced of the major long-term potential that the label has with McCartney’s pioneering approach to building her label around ethical and environmental issues having been a decisive factor in the deal. He said the link-up “emphasises LVMH Group's commitment to sustainability.”
In fact, the group said it was the first large company in France to create a sustainability department, more than 25 years ago, “and Stella will help us further increase awareness on these important topics.”
But why has McCartney signed with another big name after splitting from Kering, which had backed her label from its early days? Well, an obvious reason is that the experience, financing, expertise and networks of a giant luxury group are crucial for modern high-end brands, however important they are.
On Monday she said: “Since the announcement of my decision to take full ownership of the Stella McCartney brand in March 2018, there have been many approaches from various parties expressing their wish to partner and invest in the house. 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.”
She said the chance to take advantage of the growth potential LVMH will offer while also “still holding the majority ownership in the business, was an opportunity that hugely excited me.”
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