LVMH has invested in British designer Stella McCartney’s fashion firm.
The French luxury goods group is taking a 10pc stake in the business after the British designer – the daughter of Sir Paul McCartney – cut ties with its arch-rival Kering.
The French firm, which already owns fashion labels including Givenchy, Louis Vuitton and Christian Dior, did not reveal how much it was paying for the stake.
McCartney, who is known for making animal-friendly products, would stay at the helm of her brand as creative director and have majority ownership.
The 47-year-old (pictured) will also become an adviser to LVMH boss Bernard Arnault, 70. He said: ‘I am extremely happy with this partnership with Stella.
‘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 issues.’
McCartney, who studied fashion design at London’s Central Saint Martins, first launched her own fashion label, which includes collections for women and men, as a joint venture with Kering in 2001.
McCartney is the daughter of the Beatles legend and his late wife, the animal rights activist Linda. She is a vegetarian and does not use any leather or fur in her work.
The mother-of-four’s global business has grown to 51 stores in locations including New York, London, Los Angeles, Paris Tokyo and Shanghai.
McCartney said: ‘Partnering with LVMH is a big step for me and my family, but also the team at Stella McCartney.
‘The brand has achieved so much since its launch, and this new partnership is recognition of that work. But this I feel is just the start, and I look forward to a brilliant future together.’
The designer ended her partnership with Kering in March when she bought back her stake. She did not reveal her reasons, but before the split said: ‘Having control of the company is important when your name is above the door, and I think if you have that option it’s rude not to.’
McCartney said she received several approaches from potential new partners after the break with Kering, but none could compete with the offer from Arnault and his 42-year-old son Antoine.
LVMH is the latest multinational company to snap up a so-called ethical brand amid signs younger consumers are more committed to supporting good causes.
© Daily Mail