LVMH—the luxury conglomerate that owns Louis Vuitton, Givenchy and Fendi—announced on Monday that it had bought a minority stake in Stella McCartney’s eponymous brand to “accelerate its worldwide development in terms of business and strategy."
In 2018, McCartney separated with Kering, another French luxury group and LVMH’s top competitor, which owned half of her company. Under the new deal, the eco-friendly designer will continue to serve as her brand’s creative director, and she will become an adviser to LVMH chairman Bernard Arnault and the conglomerate on the topic of sustainability. More details on the partnership will be released in September.
For the past year, the eco-friendly designer had been approached by “various parties expressing their wish to partner and invest” since taking full ownership of her house, but “none could match the conversation” she had with Arnault, reports the Business of Fashion.
“The passion and commitment they expressed towards the Stella McCartney brand alongside their belief in the ambitions and our values as the global leader in sustainable luxury fashion was truly impressive,” she said.
McCartney has been at the forefront in her industry when it comes to sustainability issues. As the daughter of animal rights activist Linda McCartney, she’s a life-long vegetarian, and she does not use fur or leather in her designs.
Her commitment to ethical fashion, Arnault wrote in a statement, was “a decisive factor” in agreeing to the new partnership, which comes on the heels of LVMH’s recent environmental initiatives. In May, the luxury group also announced a five-year partnership with UNESCO to support its biodiversity program.