French luxury goods group LVMH, has announced a tie-up with sustainable luxury fashion brand, Stella McCartney.
The partnership with LVMH – which houses luxury retailers such as Louis Vuitton, Dior, Givenchy, Fendi, Tag Heuer and Kenzo – was undertaken to help boost Stella McCartney’s worldwide development in terms of business and strategy, while maintaining the tag of a ‘sustainable brand’.
McCartney will continue to hold majority ownership and will serve as advisor to Bernard Arnault, LVMH Chief Executive and Chairman and to the executive committee members.
This decision came into play just months after McCartney, known for her animal-friendly ethics ended a long-term partnership with the conglomerate’s arch-rival, Kering.
As discussed by the industry rivals, LVMH had always bragged about its environmental credentials especially when its young shoppers in particular had shown a keen fondness for ‘greener’ fashion and an interest in issues such as brands’ use of animal fur.
McCartney has long been known as a trailblazer in this area, relying on imitation leather for her handbags or participating in initiatives to promote the second-hand luxury market.
“A decisive factor was that she was the first to put sustainability and ethical issues on the front stage, very early on,” said Arnault in a statement to media about the deal.
“Ever since my decision was announced to take full ownership of the Stella McCartney brand in March 2018, there have been many approaches from various parties expressing their wish to partner and invest in the Stella McCartney House,” added McCartney further.
