Style Notes: Stella McCartney Buys Control of Company; H&M's $4.3 Billion of Unsold Clothes
In case you missed it.
Stella McCartney Buys Kering's Shares of Her Company, Gains Full Ownership [WWD]
Stella McCartney is now the sole owner of her namesake brand, having purchased Kering's shares of the company. Kering and McCartney have been 50/50 partners for the past 17 years. She will remain on the Kering Foundation board, however, and continue to work with the conglomerate on sustainability initiatives. “I have had an incredible relationship with Kering," the designer told WWD. "We had such a successful business together, an incredible partnership. We never had any hiccups."
H&M Has $4.3 Billion Worth of Unsold Clothes [The New York Times]
Another bit of bad news from H&M: In the same earnings report in which it was revealed that Swedish fast-fashion behemoth had its lowest profits in 16 years, the company also noted that it has more than $4.3 billion worth of unsold clothes and accessories. The stockpile has increased by 7 percent in the past year. The same factors that contributed to profits decline — low foot traffic, rapid expansion and a swath of competitors — have led to the pileup, and now H&M has to figure how to handle the excess inventory. The revelation comes after the brand lost not only customers, but brand collaborators The Weeknd and G-Eazy after a young black boy modeled a sweatshirt reading, "Coolest monkey in the jungle."
Riverdale Actress Madelaine Petsch Scores First Fashion Collaboration [WWD]
Madelaine Petsch, one of the stylish stars of The CW's smash hit Riverdale, has nabbed her first fashion collaboration. The 23-year-old actress has partnered with eyewear brand Prive Riveaux on a five-piece range of sunglasses, all featuring a pop of red (a reference to her signature red mane, no doubt). Each pair retails for $30, and the collection will drop April 9 online.
Louis Vuitton Is Opening State-of-the-Art Leather Facilities [BoF]
Louis Vuitton has revealed plans to open two new factories in France, with the first set to open in July and the second in 2019. Additionally, the brand will increase the number of French leather workshops over the next two years. (Though the company has factories in California, Texas and Spain, the "Made in France" element is still an important component of its business.) The expansion of its manufacturing capabilities is part of its overall plan to decrease production lead time; the company hopes to deliver internal orders to stores within one week rather than two.