French luxury and fashion giant LVMH said Monday it will buy a minority stake in Stella McCartney's design house, which has cut ties with LVMH'S fierce rival Kering after 17 years.
Stella McCartney, daughter of iconic Beatle Paul, set up her business in 2001 and will "continue as creative director and ambassador for her brand while holding majority ownership," LVMH said in a statement.
The accord will help "accelerate the worldwide development" of the company, it said, adding that further details on the deal would be forthcoming later this year.
Stella McCartney - noted for her environmental credentials and concerns - will also become a "special adviser" to LVMH head Bernard Arnault on sustainable development policies, it added.
LVMH is the world's biggest luxury and fashion company which Arnault has built up steadily in rivalry with Francois Pinault's Kering group.
"I am extremely happy with this partnership with Stella. It is the beginning of a beautiful story together, and we are convinced of the great long-term potential of her (company)," Arnault said in the statement.
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