Stella McCartney is officially buying back the minority stake from LVMH in the brand’s latest business move. While LVMH divests in the brand, the designer is still slated to work with the group with a new title of global ambassador for sustainability.
WWD reported a statement made by the LVMH on the divestiture confirming McCartney is taking back the minority stake “after more than five years of fruitful collaboration.” They added, “This new chapter for Stella McCartney reflects her desire to write a new page in her story independently, after working closely with the group to strengthen the fundamentals and governance of her house.” LVMH also confirmed that McCartney will still work closely with the group, advising the Arnaults on sustainability matters as the new ambassador.
When LVMH acquired a minority stake in Stella McCartney in 2019, Bernard Arnault was reportedly “extremely happy” with the partnership, especially since the decisive factor was McCartney’s commitment to sustainability. With LVMH, McCartney got what she wanted, retaining a majority in her own company, unlike her previous 50-50 deal with Kering. At LVMH, McCartney helped to spearhead several sustainability initiatives including working with Veuve Clicquot recently on a partnership that turned manually collected grape stems from the Champagne harvest into luxury accessories. For her Spring 2024 show, models were seen carrying a bag made from the upcycled grape waste on the runway. According to LVMH, the new grape material was created in less than 18 month, reducing much of their greenhouse gas emissions with leather and winemaking.
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