Sarah Burton, Who Designed Kate’s Royal Wedding Dress, to Step Down from Alexander McQueen 

Sarah Burton arrives for the British Fashion Awards 2011 at a central London venue, on Nov. 28, 2011. (AP)
Sarah Burton arrives for the British Fashion Awards 2011 at a central London venue, on Nov. 28, 2011. (AP)
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Sarah Burton, Who Designed Kate’s Royal Wedding Dress, to Step Down from Alexander McQueen 

Sarah Burton arrives for the British Fashion Awards 2011 at a central London venue, on Nov. 28, 2011. (AP)
Sarah Burton arrives for the British Fashion Awards 2011 at a central London venue, on Nov. 28, 2011. (AP)

The fashion designer who created the wedding dress of Kate, the Princess of Wales, is stepping down as creative director at Alexander McQueen after two decades at the brand, luxury group Kering said Monday.

Designer Sarah Burton had led the fashion house since 2010 and previously worked with the brand's founder, Lee Alexander McQueen, for 14 years.

Burton took over as creative director of the fashion house after McQueen took his own life at age 40.

Kering, the luxury group behind brands including Gucci and Saint Laurent as well as Alexander McQueen, said McQueen's spring and summer catwalk show in Paris this month will be the last with Burton at the helm.

Burton was behind the ivory lace wedding gown that the former Kate Middleton wore when she married Prince William in 2011. The elegant gown has since been widely copied and is often named as one of the most popular styles favored by brides all over the world.

Burton was awarded with an Order of the British Empire in 2012 for her services to the fashion industry.

Senior leaders at Kering praised Burton for leaving an “indelible mark” with her vision and creativity.

“She kept and continued Lee’s heritage, attention to detail and unique vision, while adding her own personal, highly creative touch,” said François-Henri Pinault, Chairman and CEO of Kering, in a statement.

The fashion house did not give details about who will replace Burton.



L’Oreal to Acquire 10% Stake in Swiss Skin Care Company Galderma 

A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. (Reuters)
A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. (Reuters)
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L’Oreal to Acquire 10% Stake in Swiss Skin Care Company Galderma 

A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. (Reuters)
A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. (Reuters)

French cosmetics company L'Oreal is to acquire a 10% stake in Swiss skin care firm Galderma from a group of major shareholders, the two companies said on Monday.

The Swiss firm, originally set up as a joint venture between Nestle and L'Oreal, began trading on the Swiss stock exchange in late March, with its shares rising.

Galderma said L'Oreal would acquire the 10% stake for an undisclosed premium from Sunshine SwissCo AG - a consortium led by Swedish private equity firm EQT - Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd.

Galderma said it had signed a memorandum of understanding with L'Oreal to work towards a new research and development collaboration in the form of a scientific partnership focused on complementary research projects.

"It marks an ambitious step for L'Oreal, and true to our mantra of 'seize what is starting,' it allows us to explore partnering in the fast-growing aesthetics market, a key adjacency to our own pure beauty play," said Nicolas Hieronimus, Chief Executive Officer of L'Oreal.

"We fully support Galderma's management and its strategy as a leading dermatology pure player, respect its independence and are very confident in its long-term growth potential."

L'Oreal said it will not seek to be represented at Galderma's board of directors and has agreed to customary provisions for an investment of this type as part of a shareholders' agreement with Sunshine SwissCo.