Luxury fashion giant Kering has announced it has sold its entire stake in Stella McCartney, handing complete control to its eponymous owner.
Although the group has offloaded its 50 per cent stake in the brand, McCartney will reportedly remain on the board of the Kering Foundation while continuing to collaborate with its sustainable fashion initiatives.
This comes after Kering offloaded a 70 per cent stake in sports brand Puma earlier this year, citing ambitions to focus on more luxury brands like Gucci.
“It is the right moment to acquire the full control of the company bearing my name. This opportunity represents a crucial patrimonial decision for me,” McCartney stated.
“I am extremely grateful to Francois-Henri Pinault and his family and everyone at the Kering group for everything we have built together in the last 17 years.
“I look forward to the next chapter of my life and what this brand and our team can achieve in the future.”
Kering chief executive Pinault added: “It is the right time for Stella to move to the next stage. Kering is a luxury group that empowers creative minds and helps disruptive ideas become reality.
“I am extremely proud of what Kering and Stella McCartney have accomplished together since 2001. I would like to thank Stella and her team wholeheartedly for everything they have brought to Kering – far beyond business. Stella knows she can always count on my friendship and support.”
Earlier this month it was revealed that Kering has become the subject of a criminal tax investigation, with Swiss authorities exploring accusations by the international press it could have avoided paying €1.3 billion (£1.13 billion) in past domestic taxes.
Click here to sign up to Retail Gazette‘s free daily email newsletter
