LVMH held Stella McCartney for six years — she bought her own name back

The brand's ownership had been a carousel before LVMH ever arrived. Stella McCartney ran it as a joint venture with Kering, which held half; that arrangement ended in 2018, and in 2019 LVMH took a minority stake — understood to be about 49% — pairing the investment with McCartney's new role advising Bernard Arnault on sustainability. The bet was that the machinery of the world's largest luxury group could make an ethical fashion brand profitable.

The numbers never got there. The brand reported significant losses in 2021; in 2022 turnover grew 23% to £40 million and the operating loss was dramatically reduced — and was still a loss. Six years of group ownership produced no profitable year to point to.

On 28 January 2025, mid-slump, LVMH let go. McCartney bought the stake back on undisclosed terms and the house returned to full independence; the joint statement spoke of her desire 'to write a new page in her story independently, after working closely with the group to strengthen the fundamentals and governance of her house'. The exit followed LVMH's September 2024 sale of Off-White. One thing LVMH kept: McCartney herself, continuing as the group's global sustainability ambassador.

The shape of the case: group money can fund a niche brand, but it cannot widen its market. When the downturn came, a loss-making minority holding was a line to cut — and the founder was the obvious buyer.