Stella McCartney is reportedly on the verge of breaking with French luxury group Kering.
The British fashion house has been aligned with the organisation for the past 17 years, but according to a source, Kering is selling its 50 per cent share of Stella McCartney back to the brand.
According to the insider, who divulged all to Business of Fashion, the announcement was supposed to have been made in January (18) and the label is currently preparing a booklet outlining the details of the separation to answer outstanding questions and ease employee concerns.
The source also shared that Kering’s brands, which include Gucci, Yves Saint Laurent and Alexander McQueen, will be forbidden from hiring Stella McCartney employees during the transition process, which could take as long as two years.
Both parties have issued a joint statement assuring the public that nothing has been confirmed.
“Kering and Ms Stella McCartney have been operating and growing the Stella McCartney brand since 2001 as a 50/50 joint venture. As already stated, as it is customary between stakeholders, there are regular discussions about the future of the partnership,” the two brands said. “Any significant change to the current relationship would be made public at the appropriate time. Any piece of information circulating to this respect can only be considered as speculation.”
Designer McCartney has also been alleged to have sought the help of her feather, The Beatles legend Paul McCartney, who has apparently had a role in financing the buy-back from Kering, though a spokesperson for the 46-year-old has insisted that the singer had never been involved in her business.
While Kering and Stella McCartney acknowledge they have spoken about the possibility of separation on previous occasions, reasons for their reported decision to split have not yet been revealed.
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