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The French luxury conglomerate has confirmed rumours that it is considering to end the 50/50 joint venture established in 2001 with British fashion label Stella McCartney.
Kering says it is discussing the sale of its 50% stake back to the British designer. “There are regular discussions about the future of the partnership. Any significant change to the current relationship would naturally be made public at the appropriate time,” said Kering in a statement.
Fashion label Stella McCartney does not use leather or fur in its collections and takes an anti-leather position. A relatively small label within the Conglomerate’s family of brands, it is reported to have €3.93 billion in revenues in the third quarter of 2017. In 2016, sales increased 31% to £41.7 million (US$58.86 million), with profit standing at £9.5 million (US$13.41 million); reflecting only its UK business and not taking into account international sales.
Source: Financial Times/Reuters