LVMH now majority owner of Virgil Abloh’s Off-White
Luxury conglomerate LVMH has expanded its relationship with current artistic director of Louis Vuitton menswear, Virgil Abloh, by taking a 60% stake in the luxury fashion and leathergoods label Mr Abloh founded in 2013, Off-White.
According to a joint press release, the designer will himself retain a 40% investment in the Milan-headquartered Off-White, as well as remain in place as the company’s chief creative director.
His new arrangement with LVMH will add to his existing responsibilities for the men’s collections at Louis Vuitton. This will take the form of collaborating with existing group-owned labels in a variety of sectors beyond apparel and accessories, the release stated, adding that initial discussions pertaining to this had already begun.
Commenting on the news, Mr Abloh said: “LVMH brings to the table the additional firepower and scale to accelerate Off-White’s momentum and evolve the company into a truly multi-line luxury brand.
“I’m incredibly excited to work together with LVMH on other possible collaborations. I’m also honoured to use this partnership to deepen my longstanding commitment to expanding opportunities for diverse individuals and foster greater equity and inclusion in the industries we serve.”
Currently subject to regulatory approval, the transaction is expected to complete within the next 60 days.
Image: Off-White via Instagram.
