Stella McCartney buys back brand from Kering
Fashion superstar Stella McCartney has decided to buy back the 50% stake of her eponymous brand which is owned by French luxury giant Kering. After 17 years together, the separation is sure to shake up fashion. McCartney’s decision to take control of her brand is the reflection of a long-standing clause in her contract which gives her the option to re-purchase Kering’s stake, exercisable by the end of march this year.
Kering’s share price has risen by 60% over the past 12 months
SOURCE: Yahoo Finance
McCartnery, who is on good terms with Kering and will remain a board member of the Kering Foundation, said that buying back her business was simply too good an opportunity to pass up. Speaking about Kering, with which she co-founded her brand in 2001, she said: "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."
In a statement released at the end of March, Kering’s chairman and CEO, Francois-Henri Pinault, mirrored McCartney’s good humour, saying:
"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. Stella knows she can always count on my friendship and support."
Dominion holds Kering in its Global Trends Luxury Fund.
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