The British designer Nicholas Kirkwood is taking back his namesake luxury shoe brand from LVMH after a seven-year partnership.
The French conglomerate said that the decision was mutual and amicable and that it would continue supporting Kirkwood over the coming months to ensure a smooth transition. No financial details were released and the disposal is expected to be completed at the end of the year.
LVMH rarely sells assets, but the loss-making brand was failing to make progress. The brand was launched in 2005, and LVMH bought an undisclosed controlling stake in 2013. In 2019, the brand’s sales were down by nearly 28 percent to £8.1 million (€8.8m-$10.5m) and its net loss widened to £3.5 million (€3.8m-$4.5m).