Stella Mccartney has cut Kering's 50 per cent share out of her fashion empire in a bid to move forward with an independent business.
Stella Mccartney has cut ties with Kering.
The 46-year-old fashion designer has been in partnership with the luxury French fashion group for 17 years, and they jointly launched her self-titled fashion house, but she has decided to buy back their 50 per cent hold in her brand so she can focus on building an independent business.
Stella - the daughter of Beatles legend Sir Paul McCartney - insists the two parties are ending their co-operation on good terms and she will forever be grateful for their ''incredible partnership''.
Speaking to WWD.com, 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.''
Francois-Henri Pinault - the chief executive officer of Kering - released a statement on Wednesday (28.03.18) confirming the decision to part ways saying he was ''proud'' of the success they have achieved together and promises a ''smooth transition'' in the market.
He said: ''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.''
Stella - whose father is Sir Paul McCartney - did not reveal her plans to finance the buyback but suggested she will not be turning to her famous father for the money.
And according to documents at the official register of U.K businesses, Companies House, Stella has had a successful partnership with the Kering house after turnover rose 31 per cent to £41.7 million in the 12 months to December 2016.