A few hours ago, it became known that the French luxury group LVMH will buy a 60% stake in its star menswear designer Virgil Abloh's Off-White steetwear label and expand his role within the spirits-to-jewellery conglomerate.
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Now Off-White will be on a par with brands such as Christian Dior, Louis Vuitton, Givenchy, Kenzo, Celine, which have long been part of the business empire of Bernard Arnault. LVMH plans to buy 60% stake in Off-White LLC, which owns the rights to the brand. At the same time, Abloh will retain a 40% stake. The cost of the deal has not been announced yet.
The changes that await the designer do not end there. LVMH offered Virgil to work with the group "to launch new brands and partner with existing ones in a variety of sectors beyond the realm of fashion," the statement said. “I look for people with an immigrant mentality, who are strangers in an industry or strangers in a country, and they’re very hungry, they want to learn, want to be different inside an industry that requires new ideas all the time,” Michael Burke, Louis Vuitton chiefsaid. “We are trying to disrupt a number of businesses [at LVMH], so we thought this is the right moment to take [our partnership with Virgil] to the next level.”
It's reported that Virgil Abloh will continue creating menswear collections for Louis Vuitton.