Kering announced discussions are underway with Christopher Kane about the conditions in which the designer could take back full control of the eponymous brand. “Christopher Kane and Kering wish to continue to collaborate with the aim of achieving a gradual and harmonious transition”, says a statement.

The Group is to apply IFRS 5, ‘Non-current Assets Held for Sale and Discontinued Operations’ to this asset in its half-yearly accounts to June 30, 2018, expected to be published on July 26.

Kering acquired 51% of the brand created by Christopher Kane in 2013, which includes a range of leather bags, footwear and clothing.