Stella McCartney has bought back a stake in her fashion business from luxury clothing giant LVMH (Louis Vuitton Moet Hennessy).

It is the latest stake sale by LVMH as it tackles a wider slowdown in the luxury sector.

The French firm said Ms McCartney will repurchase the minority stake it had bought from her more than five years earlier.

The value of the deal was not disclosed.

It is understood the designer, who is the daughter of The Beatles’ Sir Paul McCartney, had originally sold a 49% stake in her fashion house to LVMH.

Gucci owner Kering had previously owned part of the brand before a stake was sold to LVMH.

In a statement, the companies said: “This new chapter for Stella McCartney reflects 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.”

LVMH said Ms McCartney will continue to advise chief executive Bernard Arnault – who is one of the world’s wealthiest individuals – and the company’s executive team on sustainability issues.

Shares in LVMH nudged lower on Tuesday morning after the deal was announced.

LVMH has seen a recovery in its share value over the past month as it seeks to recover from a broad downturn in the luxury sector.

It sold the Off-White fashion brand to Scotch & Soda owner Bluestar Alliance in September as part of efforts to revive its fortunes.