LVMH takes 60% stake in Virgil Abloh’s Off-White label

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PARIS, July 20 (Reuters) – The French luxury group LVMH (LVMH.PA) announced on Tuesday that it would buy 60% of the share capital of the Off-White brand from its male fashion designer Virgil Abloh and extend its role to within the chain from spirits to jewelry. conglomerate.

Abloh will retain a 40% stake and continue as creative director of Off-White, a streetwear label the American designer and DJ founded in 2013, the company said in a statement. Financial terms were not disclosed.

Abloh, 40, was hired to create menswear collections for Louis Vuitton, LVMH’s biggest revenue driver, in March 2018, as the group sought to breathe new life into certain brands and attract a younger clientele.

He will continue in this role while working with the group “to launch new brands and partner with existing brands in a variety of industries beyond fashion,” the statement said.

Abloh has previously worked with Rimowa, owned by LVMH, on a range of transparent suitcases and has established popular partnerships with brands such as Nike and Ikea.

Fashion’s most prominent black designer, he said LVMH would help him make Off-White a “truly multi-line luxury brand“, while hoping his expanded role within the French giant would also help. promote diversity in the industry.

The Off-White brand is known for its luxe urban flair, with hoodies starting at 400 pounds ($ 570), at a time when some high-end brands are adopting streetwear looks to attract young shoppers.

The transaction is subject to regulatory approval and is expected to close within the next 60 days.

Reporting by Dominique Vidalon and Silvia Aloisi; edited by Jason Neely

Our Standards: Thomson Reuters Trust Principles.


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