After an unexpected, history-making partnership with pop idol Rihanna, LVMH (a.k.a. the world’s biggest luxury and fashion giant) has just announced another surprising plot twist: It has just purchased a minority stake in Stella McCartney‘s design house, which was previously half-owned by its fierce rival Kering for 17 years, up until last year.
Daughter of the iconic Paul McCartney from the Beatles, Stella McCartney launched her eponymous brand in 2001; it’s been a joint venture with Kering since the very beginning, so this news comes as quite a shock for the industry. The move was made in the effort to “accelerate the worldwide development” of the company; in this new partnership with LVMH, the designer will be able to continue as the creative director and ambassador for her brand, which she now holds a majority ownership of, as opposed to the 50/50 situation with Kering.
McCartney is well-known for her long-term commitment to environmental and ethical issues, seen as a pioneer and active advocate in calling for sustainable fashion. Accordingly, she’ll also be taking up a role as special adviser to LVMH boss Bernard Arnault consulting on the sustainable development policies within the group.
“[…] she was the first to put sustainability and ethical issues on the front stage, very early on, and built her (company) around these issues,” said Arnault, who acknowledged this as a decisive factor in creating this new partnership. “It emphasises LVMH Groups’ commitment to sustainability,” he added. “LVMH 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.”
According to LVMH, full details on the deal will be revealed later in September.